Issue - decisions

Four year Capital Programme 2013/14 to 2015/16

12/02/2013 - 4 year Capital Programme 2013/14 to 2015/16

1.      That the draft General Fund Capital Programme budget at £65.0m for 2013/14, be approved.

 

2.      That a Debt Reduction target of £20m for 2013/14 which will reduce underlying debt – based on current forecasts and as measured by the Capital Financing Requirement (CFR) - to £71.4m, be approved.

 

3.      That 25% of receipts generated for the Decent Neighbourhoods programme continue to be used to support general capital investment or debt reduction in 2013/14 to 2016/17, subject to future review and potential regulatory changes.

 

4.      That approval be given to the following proposed capital receipts funded initiatives within the General Fund capital programme 2013/14 (Table 5):

 

  The continuation of the rolling programmes for repairs to Carriageways and Footways £2.03m;

  Corporate Buildings Planned Maintenance £2.5m;

  Private Sector Housing Grant (Disabled Facilities) £0.45m;

  Parks Improvements £0.5m;

  Contributions to the Invest to Save Fund £0.75m;

This totals £6.23m.

 

5.      To note existing capital receipts funded schemes (approved for 2012/13) but now scheduled for 2013/14 as follows:

 

  The Schools Capital Programme £8.906m;

  The Corporate Buildings Planned Maintenance £1.84m

This totals £10.746m.

 

The overall total use of capital receipts for General Fund capital schemes in 2013/14 is £16.976m.

 

6.  That the level of resource forecast (Table 2) and indicative capital expenditure budget 2013/14 of £27.6m for the Decent Neighbourhoods programme, funded fully by capital receipts, as detailed in Appendix 2, be approved.

 

7.      That the 2013/14 HRA capital programme of £37.0m as set out in Table 7 (Appendix 4) and the use of £15.212m of Decent Neighbourhoods’ capital receipts in support of this programme for 2013/14, be approved.

 

8.  That approval be given to the annual Minimum Revenue Provision for 2013/14 (Appendix 7).

 

  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 should 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.

 

9.  That the CIPFA prudential indicators as set out in Appendix 8 to the report be approved.