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RESOLVED: That Cabinet:
 

(1)  
Noted the forecast expenditure of £30.415M in 2024/25 on the
capital programme, paragraph 8.3 refers.

 

(2)  
Noted the position of the availability of capital resources, as
detailed in table 2 paragraph 8.10 and the requirement to keep the
capital programme under review for affordability.

 

(3)  
Noted the position of Treasury Management activity as at the end of
June 2024.

 

(4)  
Approved that the Council should proceed with the Local Authority
Housing Fund round 3 and submit the Memorandum of Understanding so
that the Council can receive the initial allocation of funds.
 
RECOMMENDED
TO COUNCIL: That Council:
 

(1)  
Approves a capital budget of £0.080M to fund the purchase and
installation of a new chiller at the museum, paragraph 8.4
refers.

 

(2)  
Approves a capital budget of £1.920M (£0.96M in 24/25
and £0.96M in 25/26) for round 3 of the Local Authority
Housing Fund. This will be fully funded from Government grants and
housing provider contributions, paragraph 8.5 refers.

 

(3)  
Approves bringing forward £0.008M of the backup and business
continuity hardware capital budget (from 2025/26 to 2024/25) and
reducing the 2025/26 budget to £0.057M.
 

(4)  
That Council approved bringing forward £0.672M of leisure
funding to allow upgrades to the fitness facilities in Hitchin to
take place in this financial year, instead of next financial year.
This would be made up of the £0.300M budget for Member Change
and Relaxation Area Refurbishment, and £0.372M of the 2025/26
allocation of the budget for providing capital funding to our
leisure provider.
 

REASONS FOR RECOMMENDATIONS:

 

(1)  
Cabinet is required to approve adjustments to the capital programme
and ensure the capital programme is fully funded.

 

(2)  
To ensure the Council’s continued compliance with
CIPFA’s code of practice on Treasury Management and the Local
Government Act 2003 and that the Council manages its exposure to
interest and capital risk.