Issue - meetings

Further to Minute No. 156 of the meeting of the Cabinet held on 20^th February, 2013, consideration was given to the report presented by Stuart Booth, Director of Finance, which set out the capital programme for the financial years 2013/14 to 2015/16.

Concurrently, the Council had been proactively looking to rationalise its asset and buildings portfolio so as to realise revenue savings and potential capital receipts from any future asset sale. Generally, such capital receipts were expected to be used to reduce future capital financing costs so as to reduce the revenue cost of borrowing in support of the Council’s Medium Term Financial Strategy.

The report set out in detail the budget process that had led to the recommended Capital Programme 2013/14 to 2015/16, the revised proposed spends and funding allocations for Directorates.

Any revenue implications from the revised programme have been fully reflected in the Council’s revenue forecast and its updated Medium Term Financial Strategy.

The Capital Programme was funded through a number of sources borrowing (both supported and unsupported), capital grants and contributions, revenue contributions and capital receipts.  Any uncertainty over the funding of the Programme rested on confirmation that grants/contributions and capital receipts continued to be available in coming years. Where funding sources were volatile in nature the risks would be managed by continually keeping the programme under review.

The Select Commission welcomed the level of investment in the Borough and were informed that the spend was linked to the corporate priorities, but were disappointed that the information did not show the detail at Ward level.

(1)  Resolved:-  That the report be received and the contents noted.

(2)  That the approval of the 2013/14 to 2015/16 Capital Programme by Council on the 6^th March, 2013 be noted.

-           Strategic Director of Resources to report.

Councillor Akhtar, Deputy Leader, introduced a report by the Director of Financial Services, which set out the capital programme for the financial years 2013/14 to 2015/16.

Concurrently, the Council had been proactively looking to rationalise its asset and buildings portfolio so as to realise revenue savings and potential capital receipts from any future asset sale. Generally, such capital receipts were expected to be used to reduce future capital financing costs so as to reduce the revenue cost of borrowing in support of the Council’s Medium Term Financial Strategy.

The report set out in detail the budget process that had led to the recommended Capital Programme 2013/14 to 2015/16, the revised proposed spends and funding allocations for Directorates.

Any revenue implications from the revised programme have been fully reflected in the Council’s revenue forecast and its updated Medium Term Financial Strategy.

The Capital Programme was funded through a number of sources borrowing (both supported and unsupported), capital grants and contributions, revenue contributions and capital receipts.  Any uncertainty over the funding of the Programme rested on confirmation that grants/contributions and capital receipts continued to be available in coming years. Where funding sources were volatile in nature the risks would be managed by continually keeping the programme under review.

Cabinet Members welcomed the level of investment in the Borough especially in primary and secondary schools, despite the disappointment at the Building Schools for the Future initiative being withdrawn by Central Government.

(1)  Resolved:-  That the report be received and the contents noted.

(2)  Recommended:-  That the 2013/14 to 2015/16 Capital Programme be approved.