Purpose

To approve the Capital Programme 2024-2025 to
2028-2029 Quarter Three Review and 2025-2026 to 2029-2030 Budget
Strategy

Content

That Council be recommended to approve:
1.     
The updated City of Wolverhampton Capital Strategy.
 
2.     
The City of Wolverhampton Flexible Use of Capital Receipts
Strategy.
 
3.     
The revised, medium term General Fund capital programme of
£352.6 million, an increase of £12.9 million from the
previously approved programme, and the change in associated
resources.
 
The
Cabinet approves:
1.     
The virements for the General Fund capital programme detailed at
Appendix 5 to the report for:

i.       
existing projects totalling £1.6 million.

 

ii.      
new projects totalling £324,000.

 
2.     
Continuation of both delegations to the Cabinet Member for
Resources, in consultation with the Section 151 Officer, to approve
the allocation of:

                     
i.          
The Corporate Provision and Contingency for Future Programmes
budget to individual projects in order that corporate priorities
may be addressed in an agile and timely manner.

 

                    
ii.          
The Transformation Development Efficiency Strategy to individual
transformation projects in order to benefit from the capital
receipts flexibility which the government has committed to
extending to 2030, and in line with the Medium Term Financial
Strategy.

 
3.     
Continuation of the delegation to the Deputy Director of Assets, in
consultation with the Section 151 Officer to approve virements from
the provision for future projects budget held with in the Corporate
Asset Management capital programme to individual schemes, to
recognise where urgent approval is required for capital works.
 
That Cabinet notes:

1.     
There are five new projects
requiring additional external resources and 49 new projects being
created through virements, subject to a separate detailed project
report also on today’s agenda to Cabinet. The inclusion of
these projects into the capital programme is on the assumption that
the approval to progress with the projects is given. If the
projects are not approved, the capital programme would be amended
accordingly. The report name is:

 

                     
i.          
Investing to Improve Our
City’s Roads in 2025-2026.

 
2.     
Consistent with the Our Future Council
Guiding Principles, the capital programme (General Fund and Housing
Revenue Account) would remain under constant review to identify
opportunities to generate revenue budget savings.  The outcome of this work would continue to be
reported to Cabinet as part of the suite of quarterly financial
monitoring reports (paragraphs 2.13 and 2.14 of the report).

 

3.     
The Council continues to operate
as usual, and reports subject to delegated authority may still
progress during the period of preparing the report and it being
considered by the Cabinet and Full Council. Where this situation
arises, an update would be provided at the relevant meeting on any
material changes to the information being presented.

 

4.     
There are upcoming decisions on
the forward plan for Cabinet on 19 March 2025 that may impact on
the capital budgets presented in this report. However, as the
financial implications of these reports have not yet been
finalised, it is not prudent at this time to include budgets for
approval in this report. The report names are:

 

                      
i.         
Black Country Transport and
Wolverhampton Major Transport Investment Programme
2025-2026.

 

                     
ii.         
Black Country Transport Ultra-Low
Emission Vehicles (ULEV) Programme Update.