Decision details

To note the forecast capital outturn position, and to approve amendments to the capital programme

RESOLVED:

1.  That the general fund capital programme for the period 2017-18 to 2026-27 as at Month 8, as detailed in Appendices A and D of the report and the forecasted £177.5m financing required for 2017-18 be noted.

2.  That the housing investment programme for the period 2017-18 to 2026-27 as at Month 8 2017-18, as detailed in Appendix B of the report and the £31.9m financing required for 2017-18 be noted.

3.  That the virements and variations to the general fund and housing investment capital programme as detailed in Appendix C of the report be approved.

4.  That the projected expenditure and resources for 2017-18 and future years for both the general fund and housing investment programmes as detailed in Appendices A, B and D of the report as at Month 8 2017-18 be noted and that this position continues to be forecasted to outturn until more up to date information is available.

5.  That the inclusion in the programme of the capital bids set out in Appendix E of the report be approved.

6.  That it be noted that this report indicates that external borrowing will be required in 2017-18 and beyond to finance the programme. Options to identify the most appropriate source of financing will be appraised by the strategic director, finance and governance in conjunction with the cabinet member for finance, modernisation and performance. Debt financing costs are reflected in the policy and resources strategy 2018-19 with a proposed growth commitment.

7.  That it be noted that the first sentence of paragraph 98 of the report should read:

“Following a review of fire safety measures in tower blocks and in response to tenants’ concerns a structural issue affecting the four towers on the Ledbury Estate was identified.” (This is to clarify that the structural issues affect all floors of the four towers of the Ledbury Estate and not just the upper floors).