Councillor Max Schmid stated that this report provided detailed analysis of the Council’s capital programme financial position and highlighted any potential risks and their impact on the Council’s resources. He noted that despite the financial pressures, the Council was still fully committed to build affordable housing.
AGREED UNANIMOUSLY BY CABINET:
1. To approve the proposed budget variations to the capital programme totalling £9.1m (summarised in Table 1 and detailed in Appendix 2).
2. To note the potential risks regarding the Housing Capital Programme, as summarised in paragraphs 26, 27 and 28.
3. To approve budget amendments of £1,016,000, funded from borrowing, to complete transport and parks schemes for which expected TfL grants and section 106 contributions are no longer available (see Appendix 2 for detail).
4. To approve funding from borrowing of £455,000 for previously approved transport schemes for which S106 and TfL funding contributions are no longer available.