Issue - decisions

Capital Programme Monitor & Budget Variations, 2024/25 (Second Quarter)

 

 

17/12/2024 - Capital Programme Monitor and Budget Variations 2024/25 (Quarter 2)

  1. To note the overall forecast of £274.1m for 2024/25 capital expenditure which is a net decrease of £20m in comparison to the first quarter forecast of £294.1m.

 

  1. To approve the updated four-year capital programme for 2024-2028 of £643m, as detailed in Appendix 1. This is a net increase of £66.6m 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 £1.45m for various General Fund capital schemes, funded from reserves (£1.3m), and borrowing (£0.150m) as detailed in paragraph 3 of the report.

 

  1. To note the revenue impact of any additional borrowing, as outlined in the Economic and Strategic Overviewsection.

 

  1. To approve £22.767m of s106 funding allocations for various capital schemes, as detailed in Appendix 5. The specific projects will be added to the capital programme once the programme of works has been identified and the schemes’ budgets are approved.

 

  1. To delegate to the Strategic Head of Regeneration & Development ,in consultation with the Executive Director for Finance, the use of any unspent Right to Buy 1-4-1 receipts at risk of repayment to the Ministry of Housing, Communities and Local Government (MHCLG) to acquire homes on the open market without use of any additional borrowing, as described in paragraph 4 of this report.

 

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