Decision

It was MOVED by Councillor Schmidt, SECONDED by Councillor Dream and it was RESOLVED to:

(i) note the capital programme outturn for 2025/26 and the addition of budgets carried forward into the agreed Capital Programme for 2026/27–2028/29 as set out in section 4 of the report;

(ii) note the changes agreed by Mayor and Cabinet to the 2026/27–2028/29 Capital Programme as set out in section 5 of the report;

(iii) note the inclusion in the Capital Programme for 2026/27 of a £10m contingency budget across both the HRA and GF, funded by reserves and held specifically for risks and pressures that must be addressed urgently, and delegate authority to the Executive Director of Corporate Resources to agree the allocation of this;

(iv) note that the Council has put forward an ambitious bid to the Greater London Authority (GLA) for £775.73m of affordable housing grant to deliver 3,070 homes over the next 10 years, and that any decision to accept the grant, once known, will be the subject of a decision by Mayor and Cabinet and then submitted to full Council where this requires an amendment to the Capital Programme Budget; and

(v) agree that the cumulative impact of all the above recommendations is a net increase of £28.3m for 2026/27 and an increase of £202.7m for 2027/28 onward, totalling a net increase to the full Capital Programme of £231.1m.