Issue - meetings

CAPITAL PROGRAMME MONITOR & BUDGET VARIATIONS, 2024/25 (FIRST QUARTER)

 

 

Meeting: 07/10/2024 - Cabinet (Item 7)

7 Capital Programme Monitor & Budget Variations, 2024/25 (First Quarter) pdf icon PDF 522 KB

Decision:

  1. To note the overall forecast of £294.1m for 2024/25 capital expenditure which is a net decrease of £17.8m in comparison to the revised budget of £311.9m at 2023/24 outturn. 

 

  1. To approve the updated four-year capital programme for 2024-2028 of £639.1m, as detailed in Appendix 1. This is a net increase of £62.7m in comparison to the four-year programme of £576.4m approved at Full Council in February 2024.

 

  1. To approve an additional budget envelope of £8.68m for various General Fund capital schemes, funded from external grants and contributions (£8.375m), capital receipts (£0.257m) and revenue contributions (£0.048m), as detailed in paragraph 3 of the report. 

 

  1. To note the prudential indicators presented in Appendix 4, as per Prudential Code requirements.

 

Minutes:

Councillor Rowan Ree introduced the report setting out the details of the forecast capital programme for the financial year 2024/25 and the future years.

 

Councillor Victoria Brocklebank-Fowler asked the reason that the capital spent on Hammersmith Bridge was so much lower than the capital spent on the Civic Campus.

 

The Leader explained that Hammersmith Bridge had 70 years of untreated rot and severe structural problems. They would need £250 million to fix it to be able to open the bridge to cars. This Council had already spent more money than any other local authority had spent in any bridge. The Council was continuously working to find a solution to get the bridge open.

 

 

AGREED UNANIMOUSLY BY THE CABINET MEMBERS:

 

  1. To note the overall forecast of £294.1m for 2024/25 capital expenditure which is a net decrease of £17.8m in comparison to the revised budget of £311.9m at 2023/24 outturn. 

 

  1. To approve the updated four-year capital programme for 2024-2028 of £639.1m, as detailed in Appendix 1. This is a net increase of £62.7m in comparison to the four-year programme of £576.4m approved at Full Council in February 2024.

 

  1. To approve an additional budget envelope of £8.68m for various General Fund capital schemes, funded from external grants and contributions (£8.375m), capital receipts (£0.257m) and revenue contributions (£0.048m), as detailed in paragraph 3 of the report. 

 

  1. To note the prudential indicators presented in Appendix 4, as per Prudential Code requirements.