Purpose

To approve the Capital Programme 2025-2026 to
2029-2030 Quarter Three Review and 2026-2027 to 2030-2031 Budget
Strategy.

Content

That Council be recommended to approve:

1.     
The updated City of Wolverhampton Capital Investment Strategy.

 

2.     
The updated City of Wolverhampton Flexible Use of Capital Receipts
Strategy.
 

3.     
The revised, medium term General Fund capital investment programme
of £395.5 million, an increase of £58.4 million from
the previously approved investment programme, and the change in
associated resources.
 

4.     
The revised, medium term Housing Revenue Account (HRA) capital
investment programme of £577.8 million and the change in
associated resources.
 
That
Cabinet approved:

1.     
The virements for the General Fund capital investment programme
detailed at Appendix 5 to the report for:

i.      
existing projects totalling £8.9 million.

 

ii.     
new projects totalling £1.9 million.

 

2.     
The establishment of supplementary budgets, funded from grant, for
the General Fund capital investment programme detailed at Appendix
6 to the report for:

i.      
existing projects totalling £43.4 million.

 

ii.     
new projects totalling £1.4 million.

 

3.     
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 was extended to 2030, and in line with
the Medium Term Financial Strategy.
 

4.     
Delegated authority to the Cabinet Member for Resources, in
consultation with the Section 151 Officer, to approve the
allocation of the Revolving Capital Investment Fund budget to
individual projects to ensure that priority interventions can be
progressed in a timely manner.

 

5.     
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 within the Corporate
Asset Management capital investment programme to individual
schemes, to recognise where urgent approval is required for capital
works.
 

6.     
Continuation of both delegations to the Cabinet Member for
Children, Young People and Education, in consultation with the
Executive Director of Families and the Section 151 Officer to
approve the allocation of:

i.      
Expansion Programme budgets to individual capital investment
projects, including adjustments between existing budgets and making
grant payments where appropriate, in order that projects can be
progressed in a timely manner.

 

ii.     
High Needs capital investment programme – Future Schemes
budgets to individual capital investment projects, including
adjustments between existing budgets and making grant payments
where appropriate, in order that projects can be progressed in a
timely manner.
 
That Cabinet noted:

1.    There is a new project
requiring additional external resources subject to a separate
detailed report also on today’s agenda to Cabinet. The
inclusion of this project into the capital investment programme is
on the assumption that the approval to progress with the project is
given. If the project is not approved, the capital investment
programme would
be amended accordingly. The report name is:
 

i.      
Investment and delivery for Bilston – including Pride in
Place Programme (Phase 1).

 

2.     
Consistent with the Our Future Council Guiding Principles, that the
capital investment programme (General Fund and HRA) will 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.

 

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 is an upcoming decision on the forward plan for Cabinet on 18
March 2026 that may impact on the capital budgets presented in this
report. However, as the financial implications of this report had
not yet been finalised, it is not prudent at this time to include
budgets for approval in this report. The report name is:
 

i.      
Black Country Transport and Wolverhampton Major Transport
Investment Programme 2026 – 2027.