Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: No

Date of Decision: February 19, 2025

Purpose: To approve the Capital Programme 2024-2025 to 2028-2029 Quarter Three Review and 2025-2026 to 2029-2030 Budget Strategy

Content: That Council be recommended to approve: 1.      The updated City of Wolverhampton Capital Strategy.   2.      The City of Wolverhampton Flexible Use of Capital Receipts Strategy.   3.      The revised, medium term General Fund capital programme of £352.6 million, an increase of £12.9 million from the previously approved programme, and the change in associated resources.   The Cabinet approves: 1.      The virements for the General Fund capital programme detailed at Appendix 5 to the report for: i.        existing projects totalling £1.6 million.   ii.       new projects totalling £324,000.   2.      Continuation of both delegations to the Cabinet Member for Resources, in consultation with the Section 151 Officer, to approve the allocation of:                       i.           The Corporate Provision and Contingency for Future Programmes budget to individual projects in order that corporate priorities may be addressed in an agile and timely manner.                        ii.           The Transformation Development Efficiency Strategy to individual transformation projects in order to benefit from the capital receipts flexibility which the government has committed to extending to 2030, and in line with the Medium Term Financial Strategy.   3.      Continuation of the delegation to the Deputy Director of Assets, in consultation with the Section 151 Officer to approve virements from the provision for future projects budget held with in the Corporate Asset Management capital programme to individual schemes, to recognise where urgent approval is required for capital works.   That Cabinet notes: 1.      There are five new projects requiring additional external resources and 49 new projects being created through virements, subject to a separate detailed project report also on today’s agenda to Cabinet. The inclusion of these projects into the capital programme is on the assumption that the approval to progress with the projects is given. If the projects are not approved, the capital programme would be amended accordingly. The report name is:                         i.           Investing to Improve Our City’s Roads in 2025-2026.   2.      Consistent with the Our Future Council Guiding Principles, the capital programme (General Fund and Housing Revenue Account) would remain under constant review to identify opportunities to generate revenue budget savings.  The outcome of this work would continue to be reported to Cabinet as part of the suite of quarterly financial monitoring reports (paragraphs 2.13 and 2.14 of the report).   3.      The Council continues to operate as usual, and reports subject to delegated authority may still progress during the period of preparing the report and it being considered by the Cabinet and Full Council. Where this situation arises, an update would be provided at the relevant meeting on any material changes to the information being presented.   4.      There are upcoming decisions on the forward plan for Cabinet on 19 March 2025 that may impact on the capital budgets presented in this report. However, as the financial implications of these reports have not yet been finalised, it is not prudent at this time to include budgets for approval in this report. The report names are:                          i.          Black Country Transport and Wolverhampton Major Transport Investment Programme 2025-2026.                         ii.          Black Country Transport Ultra-Low Emission Vehicles (ULEV) Programme Update.