Issue - meetings

RECOMMENDED:  1)       That the amendments to capital schemes and resources for the 2017-2022 capital programme as detailed in the report be approved.

2)             That that new capital bids to be funded from available capital resources be approved and included in the capital programme 2018-2022 as detailed in the report.

3)             That delegated authority be given to the Property Services Manager in consultation with the Leader, relevant Portfolio Holder and the Executive Director – Finance Services in respect of the disposal of surplus land as detailed in section 7 of the report.

Reason for Decision

To report amendments, rephasing and resources to the 2017-2022 Capital Programme

The Director Finance Services presented a report which set out the following:

·          revised the 2017/2018 projections for spending on the capital programme

·          set out an estimate of capital resources that would be available for 2017-2022

·          detailed new capital bids that were recommended to be included in the capital programme for the period 2018-2022

·          outlined provisional figures for capital expenditure for the period 2017-2022

·          detailed recommendations in respect of land disposals.

Under Standing Order 34, Councillor D Pope addressed the Cabinet with a number of questions which were responded to as follows:

·        Was there reassurance that the properties in the NORA phases would not be handed over to a housing association, to which Councillor Long confirmed that was not the intention, and the new housing company was being set up in order to hold those properties for rent should they not be sold.

·        It was confirmed that when projects from the capital programme slipped the funding allocated moved with them to the next year.

·        Infrastructure being funded by Business Rates which may not be in existence in 25 years – the risks associated with the Business Rates system were set out in the report but it was an informed projection.

·        Officers undertook to check on whether a decision had been releases on the Growth Deal from the LEP.

·        Was the projected income from the Major Housing scheme achievable, to which it was confirmed that the Corporate Project officer had a comprehensive list of properties and prices which were available for sale and he was optimistic that they would be met,  but there was always the risk of the housing market slowing down, however the Council had the new Housing Company to let any properties which didn’t sell so giving income sufficient to cover the Council’s borrowing costs.

·        Would any decisions taken on the additional delegation regarding disposal of land be able to be scrutinised.  Councillor Long explained that the proposal enabled the Council to act quickly with property transactions if necessary, preventing the loss of a deal due to the potential lengthy timeframes.  Councillor Beales confirmed that those decisions could be reviewed by the Panels.

·        Why was the Council leasing equipment, to which the Director Finance Services explained that the options available were all considered and the most cost effective option was taken in each individual case.

RECOMMENDED:  1)       That the amendments to capital schemes and resources for the 2017-2022 capital programme as detailed in the report be approved.

2)             That that new capital bids to be funded from available capital resources be approved and included in the capital programme 2018-2022 as detailed in the report.

3)             That delegated authority be given to the Property Services Manager in consultation with the Leader, relevant Portfolio Holder and the Executive Director – Finance Services in respect of the disposal of surplus land as detailed in section 7 of the report.

Reason for Decision

To report amendments, rephasing and resources to the 2017-2022 Capital Programme