Issue - meetings

1.    To note the net increase in forecast capital expenditure of £10.7m for 2023/24. 

2.    To approve the updated four-year capital programme for 2023-2027 of £653m as detailed in Appendix 1.

3.    To approve £4,890,000 additional budget with regards to Hammersmith Bridge stabilisation works, funded from General Fund borrowing. 

4.    To approve £3,389,000 additional budget for Clean Air Neighbourhoods scheme, funded from Transport for London (TfL), Section 106 and parking reserve contributions.

5.    To approve £176,000 additional budget in relation to Business Intelligence (BI) development work, funded from General Fund borrowing.

6.    To approve the additional budget in relation to the self-financing schemes as noted in Appendix 4.

7.    To note the potential risks regarding the General Fund Programme, as summarised in paragraphs 18-23.

8.    To note the potential risks regarding the Housing Capital Programme, as summarised in paragraphs 24-28.

9.    To note prudential indicators presented in Appendix 5, as per Prudential Code requirements.

Councillor Rowan Ree introduced the report detailing the capital programme for the financial year 2023/24, including the financing of this spend, and the future programme. This was the first of four reports published throughout the year.

Councillor Adrian Pascu-Tulbure asked the reason for the £3.4m increase to the Clean Air Neighbourhoods scheme.

Councillor Ree replied that paragraph 7 on the report stated that the money had been spent on improving air quality and people’s health such as tree planting, traffic reduction trials, sustainable drainage schemes, school streets initiatives and improved infrastructure for walking and cycling. This would be funded from a combination of TfL funding, S106 and parking reserve contributions.

The Leader added that flooding following heavy rain was a serious issue as, apart from the losses incurred, people might not be able to get insurance for their properties, making it difficult to sell it. Thames Water was not dealing with this issue and the Council had to take all possible measures to stop these challenges. Some streets in the borough had poor infrastructure and needed investment. The Clean Air Neighbourhoods scheme was not only meant to clean the air but also to protect the environment and to put measures in place to limit catastrophes such as flooding.

AGREED UNANIMOUSLY BY THE CABINET MEMBERS:

1.    To note the net increase in forecast capital expenditure of £10.7m for 2023/24. 

2.    To approve the updated four-year capital programme for 2023-2027 of £653m as detailed in Appendix 1.

3.    To approve £4,890,000 additional budget with regards to Hammersmith Bridge stabilisation works, funded from General Fund borrowing. 

4.    To approve £3,389,000 additional budget for Clean Air Neighbourhoods scheme, funded from Transport for London (TfL), Section 106 and parking reserve contributions.

5.    To approve £176,000 additional budget in relation to Business Intelligence (BI) development work, funded from General Fund borrowing.

6.    To approve the additional budget in relation to the self-financing schemes as noted in Appendix 4.

7.    To note the potential risks regarding the General Fund Programme, as summarised in paragraphs 18-23.

8.    To note the potential risks regarding the Housing Capital Programme, as summarised in paragraphs 24-28.

9.    To note prudential indicators presented in Appendix 5, as per Prudential Code requirements.