Decision details

To note the capital outturn position for 2022-23

It was not possible to circulate the report five clear days in advance of the meeting. The chair agreed to accept the item as urgent as the council were required to note the outturn capital position on the general fund and housing revenue account in June in order to provide necessary context to the revenue budget setting process for 2024-25 which will commence formally in July 2023. Estimates of capital expenditure in future years, and therefore potential borrowing requirements, will have an impact on revenue budgets.

RESOLVED:

1.  That outturn and resources for 2022-23 and future years for both the general fund and housing investment programmes as detailed in Appendices A, B and D of the report be noted.

2.  That the virements and variations to the general fund and housing investment capital programme as detailed in Appendix C  of the report and the new capital bid contained within this report and summarised at Appendix E (further information at paragraphs 135 to 137 of the report) be approved.

3.  That it be noted the significant funding requirement of £312m which needs to be identified for the general fund programme to be fully delivered over the remaining term of the programme, as detailed in Appendix A of the report.

4.  That the borrowing requirement of at least £777m for the committed housing investment programme to be fully delivered over the remaining term of the programme, as detailed in Appendix B of the report be noted.

5.  That the need to identify a further £1bn of funding to deliver the un-committed programme over the remaining term of the programme, as detailed in Appendix B of the report be noted.

6.  That the significant contribution the capital programme is making towards the objectives of the council’s climate change strategy (see paragraphs. 18-19, 81-83 of the report and throughout departmental narratives) be noted.