Purpose

This report provides a financial update on the
council’s capital programme and requests approval for budget
variations to the capital programme.

Decision

1.   
To note the net increase in forecast capital expenditure of
£4.9m for 2023/24. 
 

2.   
To approve the updated four-year capital programme for 2023-2027 of
£706.7m as detailed in Appendix 1.
 

3.   
To approve £16.984m additional pre-financing with regards to
Hammersmith Bridge stabilisation (£7.927m) and
pre-restoration (£9.057m) works, funded from the General Fund
borrowing. Much of this will be reclaimed from TfL and
Government.
 

4.   
To approve £0.5m additional budget with regards to Mund
Street refurbishment costs, funded from the General Fund
borrowing.
 

5.   
To approve £0.54m additional budget for Avonmore
predevelopment costs, funded from the General Fund borrowing.
 

6.   
To note the potential risks regarding the General Fund Programme,
as summarised in paragraphs 25-29.
 

7.   
To note the potential risks regarding the Housing Capital
Programme, as summarised in paragraphs 30-33.
 

8.   
To note prudential indicators presented in Appendix 5, as per
Prudential Code requirements.