Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: No

Date of Decision: November 13, 2024

Purpose: To approve capital programme 2024-2025 to 2028-2029 quarter two review.

Content: That Council be recommended to approve: 1.    The revised, medium term General Fund capital programme of £338.0 million, an increase of £4.0 million from the previously approved programme, and the change in associated resources.   That Cabinet: 1.    Approve the virements for the General Fund capital programme detailed at Appendix 4 to the report for: i.        existing projects totalling £11.5 million; ii.      new projects totalling £183,000.   2.    Approve the virements for the Housing Revenue Account (HRA) capital programme derailed at Appendix 4 to the report for: i.        existing projects totalling £7.2 million.   3.    Delegate authority to the Deputy Director of Assets, in consultation with the Section 151 Officer or their delegates, to approve virements from the provision for future projects budget held within the Corporate Asset Management capital programme to individual schemes in order that corporate priorities can be addressed in an agile and timely manner   That Cabinet note: 1.    That a report on today’s agenda to Cabinet meeting sets out an update to the Brewer’s Yard (Phase 1) project. In line with the Our Future Council programme, the virements for approval detailed at Appendix 4 to this report recommends the reallocation of £3.7 million of Council resources to the Corporate Provision and Contingency for Future Programmes. This would ensure that future capital needs can be met over the medium term through existing resources, thus reducing the need to incur additional prudential borrowing above currently approved budgets. If the report is not approved, the capital programme would be updated accordingly. The report subject to approval is:   ·       Brewers Yard (Phase 1) Culwell Street Update and Re-evaluation