Issue - meetings

This report sets out draft proposals in respect of the Council’s capital programme for 2013/14 to 2016/17, and states the latest capital estimates for the Council’s debt reduction programme, the General Fund, Decent Neighbourhoods and the Housing capital programmes.  This report incorporates the information arising from the Local Government Finance Settlement for 2013/14, where available.

8.35pm - The report and recommendations were formally moved for adoption by the Leader of the Council, Councillor Nicholas Botterill.

Speeches on the report were made by Councillor Stephen Cowan (for the Opposition) and Councillor Nicholas Botterill (for the Administration), before being put to the vote:

The report and recommendations were put to the vote:

FOR                         27

AGAINST                0

NOT VOTING          13

The report and recommendations were declared CARRIED.

8.42pm RESOLVED:

(1)         To approve the draft General Fund Capital Programme budget at £65.0m for 2013/14.

(2)         To approve 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)^[1] - to £71.4m.

(3)         To approve 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)         To approve the following proposed capital receipts funded initiatives within the General Fund capital programme 2013/14 (Table 5 of the report):

•     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; and

This totals £6.23m.

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.

(5)         To approve the level of resource forecast (Table 2 of the report) 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 of the report.

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

(7)         To approve the annual Minimum Revenue Provision for 2013/14 (Appendix 7 of the report).

•     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.

(8)         To approve the CIPFA^[2] prudential indicators as set out in Appendix 8 of the report.

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.