Issue - meetings

1. That Cabinet noted the overall forecast of £280.7m for 2025/26 capital expenditure which is a net increase of £13.4m in comparison to the revised budget of £267.3m at 2024/25 outturn.

2. That Cabinet approved a total additional investment of £105.2m across the revised four year programme, including new additional borrowing, the details of this investment are set out in Appendix 1.

3. That Cabinet approved the updated four-year capital programme for 2025-2029 of £679.8m, as detailed in the report. This is a net increase of £105.2m in comparison to the forecast four-year programme as at outturn 2024/25 (£574.6m).

Councillor Rowan Ree (Cabinet Member for Finance and Reform) introduced the report which set out the details of the forecast capital programme for the financial year 2025/26 (including the financing of the programme for the year) and future years.

Councillor Rowan Ree noted that the report covered investments in the Council’s housing stock to ensure they were warm, safe and green. As well as investment in the public realm, local schools, and the most comprehensive CCTV network in the UK.

Councillor Adronie Alford asked if members had concerns, given the current economic environment, about over-borrowing. Councillor Ree said that over the last four years borrowing had mostly been internal, as interest rates had been high. He explained that rates were monitoring closely, and the Council only borrowed where it made financial sense to do so. He explained that unlike other types of borrowing, borrowing from the Public Works Loan Board for the Housing Revenue Account was discounted. Councillor Alford asked what the difference in rates was and Councillor Ree replied that it was a 0.6% difference.

The Leader thanked Councillor Ree for the report.

RESOLVED

1. That Cabinet noted the overall forecast of £280.7m for 2025/26 capital expenditure which is a net increase of £13.4m in comparison to the revised budget of £267.3m at 2024/25 outturn.

2. That Cabinet approved a total additional investment of £105.2m across the revised four year programme, including new additional borrowing, the details of this investment are set out in Appendix 1.

3. That Cabinet approved the updated four-year capital programme for 2025-2029 of £679.8m, as detailed in the report. This is a net increase of £105.2m in comparison to the forecast four-year programme as at outturn 2024/25 (£574.6m).