Purpose

This report reports the quarter 2 position to
Cabinet and seeks revisions to the Capital Programme which require
the approval of Cabinet in accordance with the Council’s
financial regulations.

Decision

To note the overall
forecast of £274.1m for 2024/25 capital expenditure which is
a net decrease of £20m in comparison to the first quarter
forecast of £294.1m.

 

To approve the
updated four-year capital programme for 2024-2028 of £643m,
as detailed in Appendix 1. This is a net increase of £66.6m
in comparison to the four-year programme of £576.4m approved
at Full Council in February 2024.

 

To approve an
additional budget envelope of £1.45m for various General Fund
capital schemes, funded from reserves (£1.3m), and borrowing
(£0.150m) as detailed in paragraph 3 of the
report.

 

To note the revenue
impact of any additional borrowing, as outlined in the Economic and
Strategic Overviewsection.

 

To approve
£22.767m of s106 funding allocations for various capital
schemes, as detailed in Appendix 5. The specific projects will be
added to the capital programme once the programme of works has been
identified and the schemes’ budgets are approved.

 

To delegate to the
Strategic Head of Regeneration & Development ,in consultation with the Executive
Director for Finance, the use of any unspent Right to Buy 1-4-1
receipts at risk of repayment to the Ministry of Housing,
Communities and Local Government (MHCLG) to acquire homes on the
open market without use of any additional borrowing, as described
in paragraph 4 of this report.

 

To note the
prudential indicators presented in Appendix 4, as per Prudential
Code requirements.