Purpose

The approve the Capital Programme 2023-2024 to
2027-2028 Quarter Three Review and 2024-2025 to 2028-2029 Budget
Strategy

Content

That Council be recommended to approve:
1.   
The updated City of Wolverhampton Capital Strategy.
 
2.   
The revised, medium term General Fund capital programme of
£373.7 million, an increase of £14.6 million from the
previously approved programme, and the change in associated
resources.
 
That
Cabinet approves:

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

i.       
existing projects totalling £6.4 million;

ii.     
new projects totalling £833,000.

2.   
Delegated authority to the Cabinet Member for Jobs, Skills and
Education, in consultation with the Interim Director of Finance and
the Director of Children’s Services, to approve the
allocation of the Childcare Expansion Programme capital budget to
individual capital projects and to enter into required grant
agreements and to make grant payments where appropriate, in order
that projects can be progressed in an agile and timely manner.

3.   
Continuation of both delegations to the Portfolio Holder
responsible for Resources, in consultation with the Interim
Director of Finance, 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 announced in the Autumn Statement 2015 and in
line with the Medium Term Financial Strategy.
 
That Cabinet notes:

1.   
That the City of Wolverhampton Capital Strategy detailed at
Appendix 1 to the report is due to undergo further development and
refinement. The result of this would be presented to members at a
future meeting.