Issue - meetings

Report of the Cabinet Member for Resources seeking to set out the latest estimated overall financial position on the General Fund Capital Programme for 2013/14 to 2016/17, attached.

DECISION MADE: (Ref: CAB 13/14 12262)

On consideration of the report of the Cabinet Member for Resources, Cabinet agreed to recommend the following to Council:

i)  To approve the revised General Fund Capital Programme, which totals £132.5M (as detailed in paragraph 4) and the associated use of resources.

ii)  To note the changes to the programme as summarised in Appendix 2 and described in detail in Appendix 3.

iii)  To note the slippage and re-phasing as described in detail in Appendix 3.

iv)  To add £2,652,000 to the Environment & Transport Capital Programme in 2014/15 for the Roads Programme, funded by direct revenue financing.

v)  To add £350,000 to the Environment & Transport Capital Programme in 2014/15 for the purchase of compact sweepers, funded by Council Resources.

vi)  To note that the revised General Fund Capital Programme is based on prudent assumptions of future Government Grants to be received, and that announcements made as part of the Comprehensive Spending Review for 2015/16 and the provisional local government finance settlement have been appropriately reflected in the proposed programme presented for approval.

vii)  To note that additional temporary borrowing taken out in 2010/11 and 2011/12 due to cash flow issues, now totalling £9.4M, is expected to be repaid by the end of 2014/15 when anticipated capital receipts are finally forecast to be received.

viii)  To note that in addition to the forecast capital receipts that are assumed as a key element of funding the capital programme presented for approval, there may be additional receipts which will flow from the sale of assets.  It was anticipated that towards the end of 2013/14 it would be possible to better estimate the amount and timing of any forecast additional receipts but this cannot be completed until the disposal programme which is currently under review is finalised.

ix)  To note the financial and project issues which are set out in paragraphs 29 to 34 and detailed in Appendix 3 for each Portfolio.