Purpose

That Cabinet approve any financial adjustments and/or transfers as required

Decision

RESOLVED :

A.   That Cabinet approved the adjustments to the Capital Programme in the Table below:

Budget
2023-24

Budget
2024-25

Budget
2025-26

Budget
2026-27

Narrative

£

£

£

£

Finance & Digital

Clarion CPO

(12,088,650)

1,212,820

1,230,000

Re-profiled in accordance with projected spend £5.8m to 27-28

Children, Lifelong Learning & Families

West Wimbledon- Capital Maintenance

35,960

Virement from the Unallocated Maintenance Budget

Dundonald - Capital Maintenance

7,720

Virement from the Unallocated Maintenance Budget

Pelham - Capital Maintenance

(8,190)

Virement to the Unallocated Maintenance Budget

Liberty - Immersive Learning Centre

(11,710)

Scheme complete Budget Release back to NCIL

Lonesome - Capital Maintenance

(8,440)

Virement to the Unallocated Maintenance Budget

William Morris - Capital Maintenance

47,360

Virement from the Unallocated Maintenance Budget

Unallocated Primary School - Capital Maintenance

(168,410)

Net Budget Adjustments after Virements

Perseid Lower - Capital Maintenance

94,000

Virement from the Unallocated Maintenance Budget

Environment, Civic Pride & Climate

On Street Parking - P&D - ANPR Cameras

(150,000)

150,000

Reprofiled in accordance with projected spend

Highways & Footways - Pollards Hill Cy & Active Travel

(200,000)

200,000

This was programmed for Q4 23/24. Walking and Cycling Strategy will complete in Jan: Capital projects to follow on afterwards but expected to be in 2024/25

Parks Investment - Martin Way - Greener, Brighter & Revitalised

93,840

£60k vired from Civic Pride to top up NCIL budget of £23,840

Parks Investment – Abbey Rec

(7,470)

NCIL Budget Transferred to Revenue

Housing & Sustainable Development

Mitcham Area Regeneration - Pollards Hill Bus Shelter

(300,000)

300,000

Civic Pride Reserves (revenue) allocated to create staff resource to run the project. Capital spend will be later once project has re-established. Re-profile capital (CIL) spend to 2024/25 onwards

Morden Area Regeneration - Crown Creative Knowledge Exchange

80,000

Vired for shop front element of scheme

Borough Regeneration - Shop Front Improvements

(60,000)

(80,000)

Budget reprofiled and vired to Morden Lnowledge Exch.

Total

(12,643,990)

1,782,820

0

1,230,000

B.    That the School Capital Maintenance Budget is treated as one budget for financial management, reducing substantially the level of formal approval required for budget virement sign off to provide valuable historic information whilst allowing for effective budget management. This item will also be reported to Council

C.    That Cabinet approved transfers from CLLF reserves:

£240,000 to Early Years - ringfenced funding for transforming families’ programme.

£247,861 to Early Years - ringfenced funding for transformation hubs.

D.        That Cabinet approved the transfer of £162,796.37 of the ‘Your Merton’ balance currently held in the ‘Civic Pride’ reserve fund, to be spent by Environment, Civic Pride and Climate department in 2023/24.