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9. Capital Programme 2019/20 to 2024/25 PDF 2 MB
To receive and consider the recommendations of the Cabinet meeting held on 4 February (to follow), the report for which is attached.
Additional documents:
14. Capital Programme 2019/20 to 2024/25 PDF 777 KB
The report by the Director of Finance and Section 151 Officer is forwarded to Council in 11 February for approval. The report is to:
· Summarise the key features of the Capital Strategy approved by the City Council on 19th March 2019 "for investment in assets and for obtaining the resources required for that investment"
· Highlight the inter-relationship between the Capital Programme, the Revenue Budget, the Medium Term Financial Strategy and Treasury Management
· Determine the corporate capital resources available including:
- Adjustments for under and overspendings to the existing approved Capital Programme
- Update the capital resources available for all new and changed grants, capital receipts, revenue contributions and other contributions
- the identification of any additional assets which the Administration wishes to declare surplus to requirements
· Seek approval of the overall Capital Programme and "new starts" (including the Housing Investment Capital Programme) for 2020/21 and future years in accordance with the Capital Strategy
· Describe and approve the Prudential Indicators arising from the revised Capital Programme 2019/20 to 2024/25
· Delegate authority to the Section 151 Officer to alter the mix of capital funding to make best use of City Council resources
The 7 detailed recommendations are set out at Section 3 of the report.
Additional documents:
Decision:
RECOMMENDED to Council - the detailed recommendations (as set out 3.1 1-8 and 3.2 1-5) be approved with the amended 3.1 (5) to include an additional £4.7m of Capital Investment for the "Development of Cruise and Ferry Port" to be replaced with the following wording:
5) Subject to a satisfactory financial appraisal approved by the Director of Finance and Resources & Section 151 Officer the following schemes as described in Section 10 be funded from Prudential Borrowing up to the amounts shown
|
Total Prudential Borrowing £ |
Anaerobic Digestion Plant |
22,000,000 |
Port - Floating Dock Jetty Dredge |
2,000,000 |
Wind turbines at Port |
1,900,000 |
City Centre Co-working space |
450,000 |
Kings Theatre Regeneration |
3,000,000 |
Guildhall Regeneration |
1,700,000 |
Acquisition of New Council Housing |
1,700,000 |
Transitional Accommodation for Homeless (Adaptations to HRA Property) |
800,000 |
Development of Cruise and Ferry Port |
4,714,000 |
Total Recommended Sum To Be Approved |
38,264,000 |
Recommendation 8 in relation to the proposed Prudential Indicators was also revised and a revised Appendix 3 will be submitted to Council