Councillor Schmid, Cabinet Member for Finance and Commercial Services, introduced the report and stated that the key areas of capital spend during the year included the reacquisition of the former Gibbs Green school and Farm Lane sites as part of the termination of the Earl’s Court Conditional Land Sale Agreement. This was not only a victory to the residents, whose homes were now safe, but it was also financially critical as the costs could have bankrupted the Council.
The Council also acquired 145/155 King Street, one of the main buildings residents used to interact with the Council and would not need to pay rent anymore. In addition, there was a large spend on significant build of genuinely affordable homes.
The Leader put the recommendations to the vote.
AGREED UNANIMOUSLY BY CABINET:
1. To approve the budget variations to the capital programme as summarised in Table 1 and detailed in Appendix 2.
2. To note the capital outturn for the year.