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(1)     That the Capital Programme for
Borough Economy is reprofiled to provide a capital highway
allocation of £3,602,000 for 2023/24 with the remaining
balance of £2,981,000 (existing capital highway allocation of
£6,583,000 less 2023/24 requirement of £3,602,000)
carried forward to 2024/25.
 
(2)     That up to £500,000 of
preventative maintenance work currently treated as revenue
expenditure be capitalised and funded as part of the allocation of
£3,602,000 in resolution (1).
        
(3)     That up to £500,000 of
revenue released in resolution (2) is earmarked for use in 2023/24
for potential revenue pressures and risks associated with energy
inflation, supplies and services inflation and increased gritting
in the event of a severe winter.
 
(4)     That capital resources of
£1,901,550 be allocated in 2024/25 in addition to the
£2,981,000 of Highway Capital Programme funding re-profiled
from 2023/24 giving a total budget requirement of £4,882,550
for 2024/25.
 
(5)     That after the use of unspent
capital from existing allocations the additional capital
requirement for 2024/25 of £1,901,550 is funded from
Corporate Main Programme resources, with any resulting prudential
borrowing finance charges funded within Highways revenue budget and
should additional borrowing be required to fund the additional
capital budget requested, it is estimated that this would result in
additional revenue costs to the council of £167,535 per annum
over an 18 year period, with these costs being funded within
Highways revenue budgets.
 
(6)     That a further report to Cabinet
is submitted in Autumn 2024 after the Highway Infrastructure
condition is reviewed in Summer 2024, to identify the budget that
would be required in 2025/26 in order to address the replacement of
red risk Highway Infrastructure.