Purpose

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

Decision

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.

1. 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.
2. 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.