Issue - meetings
CAPITAL PROGRAMME MONITOR & BUDGET VARIATIONS, 2023/24 (THIRD QUARTER)
Meeting: 12/02/2024 - Cabinet (Item 8)
8 Capital Programme Monitor & Budget Variations, 2023/24 (Third Quarter) 
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Decision:
1. To note the net increase in forecast capital expenditure of £4.9m for 2023/24.
2. To approve the updated four-year capital programme for 2023-2027 of £706.7m as detailed in Appendix 1.
3. To approve £16.984m additional pre-financing with regards to Hammersmith Bridge stabilisation (£7.927m) and pre-restoration (£9.057m) works, funded from the General Fund borrowing. Much of this will be reclaimed from TfL and Government.
4. To approve £0.5m additional budget with regards to Mund Street refurbishment costs, funded from the General Fund borrowing.
5. To approve £0.54m additional budget for Avonmore predevelopment costs, funded from the General Fund borrowing.
6. To note the potential risks regarding the General Fund Programme, as summarised in paragraphs 25-29.
7. To note the potential risks regarding the Housing Capital Programme, as summarised in paragraphs 30-33.
8. To note prudential indicators presented in Appendix 5, as per Prudential Code requirements.
Minutes:
AGREED UNANIMOUSLY BY THE CABINET MEMBERS:
1. To note the net increase in forecast capital expenditure of £4.9m for 2023/24.
2. To approve the updated four-year capital programme for 2023-2027 of £706.7m as detailed in Appendix 1.
3. To approve £16.984m additional pre-financing with regards to Hammersmith Bridge stabilisation (£7.927m) and pre-restoration (£9.057m) works, funded from the General Fund borrowing. Much of this will be reclaimed from TfL and Government.
4. To approve £0.5m additional budget with regards to Mund Street refurbishment costs, funded from the General Fund borrowing.
5. To approve £0.54m additional budget for Avonmore predevelopment costs, funded from the General Fund borrowing.
6. To note the potential risks regarding the General Fund Programme, as summarised in paragraphs 25-29.
7. To note the potential risks regarding the Housing Capital Programme, as summarised in paragraphs 30-33.
8. To note prudential indicators presented in Appendix 5, as per Prudential Code requirements.