Issue - meetings

RESOLVED:

1.           To approve that the General Fund Capital Programme is £32.768m for 2010/11.

2.           To approve that any new receipts which exceed the target of £2.5m per annum be set aside for debt redemption.

3.           To approve new borrowing, up to the level of the minimum revenue provision, from 2011/12 onwards.

4.           To approve that 25% of future receipts generated for the decent neighbourhoods programme be used to support general capital investment.

5.           To approve the following initiatives within the capital programme:

·  The continuation of the rolling programmes for Corporate Planned Maintenance (£2.5m), repairs to carriageways and footways (£2.1m), private sector housing grants (£0.45m) and Disabled Access Works (£0.25m)

·  The establishment of new rolling programmes for Parks Investment (£0.5m), IT infrastructure (£0.8m) and a contribution to the Invest to Save Fund (£0.75m).

6.           To note that use of the new rolling programmes will be subject to a formal evaluation process.

7.           To approve, subject to agreement of the overall programme, prudential borrowing of £5.6m regarding Building Schools for the Future.

8.           To note the level of resource forecast (Table 5) and indicative expenditure for the decent neighbourhoods programme as detailed in Appendix 2.

9.           To note the level of resource forecast and indicative expenditure for the Housing Revenue Account as detailed in Appendix 3.

10.      To approve that the capital contingency of £2.5m and unused sums regarding the reserve set aside for Imperial Wharf be placed in a capital reserve.

11.      To approve the prudential indicators as set out in Appendix 4 to the report.

12.      To approve the following annual Minimum Revenue Provision: (Appendix 5).

·            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 shall 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.