Issue - meetings

Revenue and Capital Budget Update - Additional Capital Estimates

 

 

Meeting: 23/01/2020 - Council (Item 83)

83 Revenue and Capital Budget Update - Additional Capital Estimates pdf icon PDF 118 KB

Joint Report of the Executive Director and Head of Corporate Resources.

Minutes:

Further to Minute No. 94 of the meeting of the Cabinet held on 9 January 2020 the Council considered the joint report of the Executive Director and the Head of Corporate Resources advising that the Council’s Capital Investment Programme had been developed to enable the Council to continue to deliver financial sustainability, to stimulate economic growth and strategic investment; and that key to the development of the investment programme was ensuring the best use of existing assets and the generation of council resources to finance upfront capital expenditure.

 

It was moved by Councillor Maher, seconded by Councillor Grace and

 

RESOLVED: That

 

(1)

the following supplementary capital estimates be approved:

 

Investment Programme

 

·       the redevelopment of the Cambridge Road Centre funded by an external contribution of £1.145m from the Combined Authority;

·       the Crosby Lakeside Redevelopment Project to be funded by an external contribution of £3.100m from the Combined Authority (Standalone Report submitted to Cabinet on 7th November 2019);

 

Invest to Save Programme

 

·       the Purchase of the Winter Service Facility funded by £2.632m of prudential borrowing.

 

Capital Programme Additions

 

·       additions to the Transport Programme of £2.680m funded by capital receipts;

·       Essential Maintenance (Victoria Baths) £0.570m funded by capital receipts;

·       Essential Maintenance (STCC) £1.244m funded by capital receipts;

·       Council Essential Maintenance (Council wide) £2.834m funded by capital receipts; and

 

(2)

delegation to the Head of Corporate Resources (Section 151 Officer) and Cabinet Member - Regulatory, Compliance and Corporate Services be approved to take any decision to incur short-term borrowing to bridge any funding gap on the basis that the cost of borrowing can be contained within the Growth and Strategic Investment budget and the Council’s Prudential Indicators.

 

 

 

 

 

 

 

 

 

Meeting: 09/01/2020 - Cabinet (Item 94)

94 Revenue and Capital Budget Update - Additional Capital Estimates pdf icon PDF 118 KB

Joint Report of the Executive Director and Head of Corporate Resources.

Minutes:

The Cabinet considered the joint report of the Executive Director and the Head of Corporate Resources that detailed additional Capital Estimates. The report highlighted that the Council’s Capital Investment Programme had been developed to enable the Council to continue to deliver financial sustainability, to stimulate economic growth and strategic investment. Key to the development of the investment programme was to ensure the best use of existing assets and the generation of Council resources to finance upfront capital expenditure.

 

Decision Made:       That

 

(1)       the following supplementary capital estimates in relation to the Investment Programme be approved:

 

(a)       Strategic Acquisitions – Land at Bootle, funded by an external contribution of £0.998m from the Liverpool City Region Combined Authority;

 

(b)       Town Centre Commission work funded by an external contribution of £0.750m from the Combined Authority;

 

(2)       the Council be recommended to approve the redevelopment of the Cambridge Road Centre funded by an external contribution of £1.145m from the Combined Authority;

 

(3)       the Council be recommended to approve the Crosby Lakeside Redevelopment Project to be funded by an external contribution of £3.100m from the Combined Authority, as outlined within the standalone report submitted to the Cabinet on 7November 2019; and

 

(4)       the report and recommendations be commended to the Council for approval.

 

Reasons for the Decision:

 

The Investment Programme is an important mechanism within the Council’s major change programme – the Framework for Change – through which the aims and objectives contained within the Vision for 2030 and Core Purpose, will be delivered.

 

Alternative Options Considered and Rejected:

 

None.