Issue - meetings

The report outlines the latest 4 year Capital Programme and estimates for the Council’s debt reduction programme as measured by the Capital Financing Requirement.  The report also sets out the Council’s Minimum Revenue Provision policy and the Prudential Indicators.

9.20pm - 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 Councillors Stephen Cowan and Caroline Needham (for the Opposition) and Councillor Nicholas Botterill (for the Administration).

The report and recommendations were put to the vote:

FOR                         26

AGAINST                0

NOT VOTING         13

The report and recommendations were declared CARRIED.

9.28pm RESOLVED:

(1)      That the General Fund Capital Programme budget at £49.3m for 2014/15 (Table 4 of the report) be approved.

(2)      That the continuation of the reduction in CFR which based on current forecasts will reduce to £66.5m by 31 March 2015 be noted.

(3)      In respect of capital receipts for 2014/15 to:

·         approve the application of £9.5m capital receipts to the reduction of CFR (Table 2 of the report).

·         approve the continuation of the rolling programme schemes funded from capital receipts amounting to £6.23m set out in Table 5 of the report.

·         approve capital receipts funded schemes within Decent Neighbourhoods Programme (Housing and Regeneration) for 2014/15 as follows:

•     Housing Revenue Account projects £25.8m;

•     Decent Neighbourhoods projects £42.7m.

This totals £68.5m per Table 6b.

·         note existing capital receipts funded schemes (approved in 2013/14) but now scheduled for 2014/15 are as follows:

•     The Schools Capital Programme £6.6m;

•     Grants to Social Landlords (Hostel Improvement) £60K;

•     Relocation of HAFAD[1] to Edward Woods Community Centre and Related Refurbishment Requirements £308K.

(4)        That the Decent Neighbourhoods Programme for 2014/15 as set out in Table 6a (section 7), including the indicative capital expenditure budget 2014/15 of £91.6m funded from capital receipts of £68.5m with the remainder of £23.1m funded from other sources (also included within the programme is the budget envelope of £48.4m for 2014/15 for investment in existing Council Homes via the HRA Capital Programme), be approved.

(5)        that the annual Minimum Revenue Provision policy statement for 2014/15 in Appendix 5 of the report be approved.

(6)        that the CIPFA[2] Prudential Indicators as set out in Appendix 6 of the report be approved.

1.1.        That General Fund Capital Programme budget at £49.3m for 2014/15, outlined in Table 4, be approved.

1.2.        That the continuation of the reduction in CFR which based on current forecasts will reduce to £66.5m by 31^st March 2015, be noted.

1.3.        In respect of capital receipts for 2014/15 that the:

·         application of £9.5m capital receipts to the reduction of CFR (Table 2) be approved;

·         continuation of the rolling programme schemes funded from capital receipts amounting to £6.23m set out in Table 5 be approved;

·         capital receipts funded schemes within Decent Neighbourhoods Programme (Housing and Regeneration) for 2014/15, be approved, as follows:

•     Housing Revenue Account projects £25.8m;

•     Decent Neighbourhoods projects £42.7m.

This totals £68.5m per Table 6b.

·         existing capital receipts funded schemes (approved in 2013/14) but now scheduled for 2014/15 are as follows:

•     The Schools Capital Programme £6.6m;

•     Grants to Social Landlords (Hostel Improvement) £60K;

•     Relocation of HAFAD[1] to Edward Woods Community Centre and Related Refurbishment Requirements £308K, be noted.

1.4.        That the Decent Neighbourhoods Programme for 2014/15 as set out in Table 6a (section 7) of the report including the indicative capital expenditure budget 2014/15 of £91.6m funded from capital receipts of £68.5m with the remainder of £23.1m funded from other sources (also included within the programme is the budget envelope of £48.4m for 2014/15 for investment in existing Council Homes via the HRA Capital Programme), be approved;

1.5.        That the annual Minimum Revenue Provision policy statement for 2014/15 in Appendix 5 be approved;

1.6.        That the CIPFA[2] Prudential Indicators as set out in Appendix 6 to the report, be approved.