Decision details

Capital Programme Monitor & Budget Variations, 2019/20 (Second Quarter)

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: No


This report provides a financial update on the Council’s Capital Programme and seeks approval for budget variations, as at the end of the second quarter


1.    To approve the proposed budget variations to the capital programme totalling £12.45m (summarised in Table 1 and detailed in Appendix 2).


2.    To approve a budget virement of £100,000 from the Corporate Planned Maintenance Programme to the Column Replacement programme reported within the Environment Department.


3.    To establish a disposals programme that will enable reserves to be maintained and reduce reliance on additional borrowing.


4.    To note the proposed change in the Minimum Revenue Payment (MRP) rate from 3.24% to 3.01% and that this will reduce the charge against revenue budgets by approximately £200,000 over the next 4 years.


5.    To note that the recent government decision to increase the PWLB rate (the rate at which local authorities can borrow from the government) by 1% will potentially increase the Council’s borrowing costs by £1.38m per year by 2022/23 and by £69m over a 50-year loan period.


6.    To note the potential risks regarding the Housing Capital Programme, as summarised in section 5 of the report.


Report author: Andrew Lord

Publication date: 07/01/2020

Date of decision: 06/01/2020

Decided at meeting: 06/01/2020 - Cabinet

Accompanying Documents: