Issue - meetings

To consider the report of the Director Finance.

Agreed:

RECOMMENDED that Council approves:-

(1)  the overall financial position for the 2022/23 Annual Capital Programme; and

(2)  the amendments and further funding requests to the Council’s Annual Capital Programme for 2023/24.

Reason for Decision: As set out in the report.

The Executive received the report on the overall financial performance of the Council for the 2022/23 financial year in respect of the annual capital programme. The report also sought approval of the 2023/24 revised capital programme, which included the commitments carried forward from 2022/23.

Members noted that at the start of the last financial year, a Capital Programme of £131 million had been approved by Council. The total outturn spend was £59 million which included £44 million for the acquisition of the Guildhall Shopping Centre.

Particular reference was made to:-

·         delivering the Capital Programme had been challenging, due to wider economic conditions and issues related to contractor availability, labour shortages and higher tender prices;

·         much of the Capital programme had been requested to be carried forward and would be financed from borrowing;

·         there would be a challenge going forward due to interest rates rising, resulting in additional borrowing costs. Short term borrowing may be required during the year depending on how much of the Capital Programme is spent;

·         several play areas had now received enhancements, which were set out in the report; and

·         a number of additional Capital budgets had been requested for 2023/24, which were fully funded and did not require any borrowing.

Councillor Jobson, as an opposition group leader, had submitted questions, which were tabled at the meeting and appended to the minutes.

Councillor M. Mitchell, as an opposition group leader, spoke on this item. He welcomed the £6.3 million for carbonisation at the RAMM and Riverside Leisure Centre and enquired whether it was a fixed amount and if there was a risk for long term closure?

The Director of Culture, Leisure and Tourism advised that a bid had been successful and the process going forward was to look at the financial implications and operational options for both buildings. A working group would address these issues and a report would be brought to the Executive in due course.

RECOMMENDED that Council approves:-

(1)  the overall financial position for the 2022/23 Annual Capital Programme; and

(2)  the amendments and further funding requests to the Council’s Annual Capital Programme for 2023/24.