Councillor Max Schmid stated that this report had a compilation of the financial capital implications of the decisions made by the Council over recent years. In particular, the decisions prioritised the need for more genuinely affordable social housing to be delivered to the Civic Campus scheme alongside other benefits, and the provision of development financing to the EdCity scheme, which would bring a brand-new school and affordable housing. He stated that this report would be debated and formally approved in over two weeks’ time at the Budget Council.
The Leader stressed the importance of the youth facilities being built at the EdCity scheme in White City which would create engagement opportunities for young people. This was part of the Council’s industrial strategy.
AGREED UNANIMOUSLY BY THE CABINET MEMBERS PRESENT:
1. To approve the four-year General Fund Capital Programme budget at £187.6m for the period 2022/23-2025/26 (presented in Table 2 and Appendix 1).
2. To approve the continuation of rolling programmes for 2022/23 funded from the Council’s mainstream resources. For financial modelling purposes, these programmes are assumed to continue at the same level until 2025/26:
3. To delegate approval of the detailed programmes for use of the rolling programmes, in recommendation 2, to the relevant SLT Director in consultation with the Director of Finance and relevant Lead Cabinet Member.
4. To approve the four-year Housing (HRA) Capital Programme at £389.6m for the period 2022/23-2025/26 as set out in Table 5 and Appendix 1.
5. To delegate authority to the Director of Finance in consultation with the Cabinet Member for Finance and Commercial Services to approve the potential use of up to £4.3m of capital receipts under the Government’s Flexible Use of Capital Receipts provisions for funding of Invest to Save schemes in 2022/23 and 2023/24 (as identified in Appendix 5) and potential match-funding opportunities.
6. To approve the Capital Strategy 2022/23, as set out in Appendix 4.
7. To approve the annual Minimum Revenue Provision policy statement for 2022/23, as set out in Appendix 6.
8. To note the existing mainstream funded schemes previously approved, but now reprofiled to 2022/23 and future years as detailed in Table 3.