RECOMMENDED to Council that:
(1) In order to close the existing funding gap, the Council approve an amendment to the Capital Programme and increase the total Southsea Coastal Flood Defence budget to £131m to be funded by additional Environment Agency Grant of £24m and, if required, Corporate Capital Resources of £17m.
(2) That delegated responsibility be given to the Director of Regeneration and the S.151 Officer to investigate alternative funding sources between now and when this additional funding in recommendation 1 is actually required in order to mitigate the potential reduction in the Corporate Capital Resources available for future Capital Investment elsewhere across the City should the £17m be required and to amend the Capital Programme as necessary.
(As a referral to Council this is not subject to call-in)