Decision Maker: The Cabinet

Outcome:

Is Key Decision?: No

Is Callable In?: No

Date of Decision: October 15, 2024

Purpose: It is the Cabinet’s responsibility to take action, as necessary, to secure appropriate control over the Council’s budgets. It is necessary to ensure proper financing arrangements for the Council’s plans to spend on capital. The Cabinet has been authorised to revise the capital programme. Approval is sought for the proposed programme (part 3.2.2) and its financing (part 3.2.3).    Steps are recommended here to secure definite sources of funding for the 2024/25 – 2026/27 capital schemes.    

Content: ·         To accept the report on the end of August review (31 August 2024 position) of the capital programme.    ·         To approve the following revisions to the Capital Budget approved on 7 March 2024 from the programme's financing perspective (as shown in part 3.2.3 of the report), namely:⁠   ·        an increase of £370,000 in the use of borrowing   ·        an increase of £17,080,000 in the use of grants and contributions,   ·        a decrease of £51,000 in the use of the capital reserve   ·        an increase of £1,260,000 in the use of renewal and other reserves