Issue - meetings

That:

1)     The capital programme review carried out by directors and lead members be noted and approved, which includes;

·           Confirmation for £136m of capital projects to continue as planned.

·           Savings of £12.5m achieved through the removal of projects or reductions in budget. Taking into account lost capital receipts, the net saving is £9.3m. Details set out in Appendix A.

·           Re-profiling capital budgets of £15.7m from 2022/23 into future years. Details set out in Appendix B.

2)   The £4m saving identified from ‘Managing Congestion & Pollution’, to be reinvested in ‘Active Travel and Bus Priority’ over two years (£2m in 2023/24 and £2m in 2024/25) and considered as part of the medium term financial plan for 2023/24 be approved; and

3)   The figures in recommendation one are in addition to the financial information presented in the Capital Monitoring 2022/23 - Quarter 1 Executive report be noted.

The Executive considered a report relating to the Capital Programme review.  The review had identified savings which would help the budget gap identified in the MTFP.  Further work would be ongoing as part of the capital monitoring throughout the year and the budget setting process for 2023/24 to look at options to close the budget gap.

The Executive Member for Finance Councillor Imogen Shepherd-DuBey stated that it had become apparent that the Council had been increasing its level of borrowing under the previous administration. This level of borrowing was putting pressure on the revenue budgets and interest repayments on these loans. 

Councillor Imogen Shepherd-DuBey informed that the report highlighted areas of improvement and efficiencies to help to bridge the gap identified in the MTFP.  Some items had been moved to later years and some had been removed altogether.

Councillor Imogen Shepherd-DuBey stated that the report also sought approval to fund the ‘Active Travel and Bus Priority’ from savings identified from the ‘Managing Congestion and Pollution’ project.

The Executive Member for Active Travel, Transport and Highways Councillor Paul Fishwick emphasized that the £4m saving identified would be re-invested in Active Travel and Bus Priority, this was aligned with the Local Cycling and Walking Strategy and would support the revision of the Bus Service Improvement Plan for 2022, following discussions and feedback from the Department for Transport.

RESOLVED That:

1)     The capital programme review carried out by directors and lead members be noted and approved, which includes;

·           Confirmation for £136m of capital projects to continue as planned.

·           Savings of £12.5m achieved through the removal of projects or reductions in budget. Taking into account lost capital receipts, the net saving is £9.3m. Details set out in Appendix A.

·           Re-profiling capital budgets of £15.7m from 2022/23 into future years. Details set out in Appendix B.

2)   The £4m saving identified from ‘Managing Congestion & Pollution’, to be reinvested in ‘Active Travel and Bus Priority’ over two years (£2m in 2023/24 and £2m in 2024/25) and considered as part of the medium term financial plan for 2023/24 be approved;

3)   The figures in recommendation one are in addition to the financial information presented in the Capital Monitoring 2022/23 - Quarter 1 Executive report be noted.