Issue - meetings

Consideration was given to a report presented by Pete Hudson, Chief Finance Manager, which provided details of the current forecast outturn for the 2013/14 programme and enabled the Council to review the capital programme for the financial years 2014/15 to 2016/17.

Ongoing restrictions on Government funding for local government capital investment plans continued to limit the level of funding available to regenerate and enhance the Borough’s infrastructure.

Concurrently, the Council had continued to be proactive in 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.

The budget process that had led to the recommended capital programme for 2014/15 to 2016/17 ensured that the Council’s capital investment plans were aligned with strategic priorities and available funding. The financial implications of the programme were reflected in the Council’s Medium Term Financial Strategy (MTFS) and Treasury Management and Investment Strategy.

In 2013/14 the Council would have invested £82.395m in capital schemes across the Borough. A further £133.817m would be invested in regeneration and enhanced infrastructure schemes over the following three year period, including £59.348m in 2014/15.

It should be noted that some grant funding notifications have not been received at this time, which had limited the development of schemes to be undertaken in 2015/16 onwards. Once those notifications were received reports would be brought before Members, which would expand the current programme.

The expenditure plans and profiles were reflected in the Directorate summary forecast capital spend table presented within the report and a detailed copy of the programme for each Directorate was provided.

Discussion ensued and the following questions were raised and subsequently clarified:-

·                Capital builds for schools who were or in the process of converting to Academies.

·                Investment at Brinsworth Library and what this entailed.

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

(2)  That further information be provided on the investment proposals at Brinsworth Library.

-           Director of Finance to report.

Councillor Wyatt, Cabinet Member for Health and Wellbeing (Finance), introduced a report by the Director of Finance which provided details of the current forecast outturn for the 2013/14 programme and enabled the Council to review the capital programme for the financial years 2014/15 and 2015/16.

The budget process that led to the original Capital Programme for 2013/14 to 2015/16 ensured that the Council’s capital investment plans were aligned with its strategic priorities and vision for Rotherham.

In order to maintain that strategic link, and make best use of the capital resources available to the Council, it was important that the programme was kept under regular review and where necessary revisions be made. This programme was initially reviewed in July 2013, following the finalisation of the 2012/13 outturn capital expenditure and financing and had now been the subject of a further review, the results of which were reflected in the Directorate summary table and the detailed analysis of the programme for each Directorate as set out in detail as part of the report.

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

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