Purpose

To report any adjustments to the in-year
programme

Content

RESOLVED
 
KEY DECISION
 
That the Executive:
 
i)       
Approved the following changes into the capital programme:
 
a.         
UK Shared Prosperity Fund - £190k in
2023/24 and £1,060k in 2024/25 which
is to be funded from the Core UK Shared Prosperity Fund grant
transferred from the development pool. 
 
b.         
Kettering High Street Heritage Action Zone
– increase in existing budget of £371.4k in 2023/24
which is to be funded from the following sources: £93.9k from
external grants, £132.5k from S106 contributions and
£145k of virements from schemes already approved within the
capital programme as set out in the report.
 
c.         
Warren Bridge Flood Defence - £303k in
2023/24 which is to be funded from the following sources:
£213k from external grants and £90k from resident
contributions. 
 
d.         
Environmental Services grounds maintenance
equipment - £445k in 2023/24 (£400k brought forward
from the development pool in 2024/25) which is to be funded from
borrowing.
 
ii)      
Recommended to Council to approve the borrowing proposals for:
 
a.         
Environmental Services grounds maintenance
equipment - £445k
 
 
Reasons for
Recommendations: These are set out in greater detail within section
5 of the report, but can be summarised as:
 
·      
To meet corporate plan objectives, for instance in
leading in improving the local environment
 
Alternative Options
Considered:
 
Items 3.1
a-c above are grant funded/ from S106 contributions and the use of
the funding is in line with the agreements, so there are no
alternative options proposed. For item 3.1 d, external grants were
explored but are not available for plant equipment. The option of
leasing new equipment was considered, but not deemed to represent
value for money and therefore borrowing is the most cost-effective
funding source. The other alternative option would be to not
approve this scheme. However, this would have an adverse impact on
meeting service needs and the achievement of NNC’s corporate
objectives.