Decision details

1.      That the draft General Fund Capital Programme budget at £65.0m for 2013/14, be approved.

2.      That a Debt Reduction target of £20m for 2013/14 which will reduce underlying debt – based on current forecasts and as measured by the Capital Financing Requirement (CFR) - to £71.4m, be approved.

3.      That 25% of receipts generated for the Decent Neighbourhoods programme continue to be used to support general capital investment or debt reduction in 2013/14 to 2016/17, subject to future review and potential regulatory changes.

4.      That approval be given to the following proposed capital receipts funded initiatives within the General Fund capital programme 2013/14 (Table 5):

•  The continuation of the rolling programmes for repairs to Carriageways and Footways £2.03m;

•  Corporate Buildings Planned Maintenance £2.5m;

•  Private Sector Housing Grant (Disabled Facilities) £0.45m;

•  Parks Improvements £0.5m;

•  Contributions to the Invest to Save Fund £0.75m;

This totals £6.23m.

5.      To note existing capital receipts funded schemes (approved for 2012/13) but now scheduled for 2013/14 as follows:

•  The Schools Capital Programme £8.906m;

•  The Corporate Buildings Planned Maintenance £1.84m

This totals £10.746m.

The overall total use of capital receipts for General Fund capital schemes in 2013/14 is £16.976m.

6.  That the level of resource forecast (Table 2) and indicative capital expenditure budget 2013/14 of £27.6m for the Decent Neighbourhoods programme, funded fully by capital receipts, as detailed in Appendix 2, be approved.

7.      That the 2013/14 HRA capital programme of £37.0m as set out in Table 7 (Appendix 4) and the use of £15.212m of Decent Neighbourhoods’ capital receipts in support of this programme for 2013/14, be approved.

8.  That approval be given to the annual Minimum Revenue Provision for 2013/14 (Appendix 7).

•  For debt which is supported through Formula Grant this authority will calculate the Minimum Revenue Provision in accordance with current regulations (namely 4% of the Capital Financing requirement net of adjustment A).

•  For debt which has arisen through prudential borrowing it should be written down in equal instalments over the estimated asset life. The debt write-off will commence the year after an asset comes into use.

9.  That the CIPFA prudential indicators as set out in Appendix 8 to the report be approved.