The Chief Officer Finance, Performance and Change presented a report which sought to:

• Comply with the Chartered Institute of Public Finance and Accountancy’s (CIPFA) ‘The Prudential Code for Capital Finance in Local Authorities’ (2021 edition) requirement to report performance against all forward looking indicators on a quarterly basis.

• provide an update on the capital programme position for 2023-24 as at 30 September 2023 (Appendix A).

• seek agreement from Cabinet to present a report to Council for approval of a revised capital programme for 2023-24 to 2032-33 (Appendix B).

• note the projected Prudential and Other Indicators for 2023-24 (Appendix C)

She explained that the revised programme for 2023-24 currently totalled £81.817 million, of which £44.574 million was met from Bridgend County Borough Council (BCBC) resources, including capital receipts, revenue contributions from earmarked reserves and borrowing, with the remaining £37.243 million coming from external resources, including Welsh Government General Capital Grant.

The Chief Officer Finance, Performance and Change highlighted the various tables within the report which provided a breakdown of the various directorate spending and resources. She also set out a number of amendments to the capital programme for 2023-24, such as new and amended schemes, since the capital programme was last approved. These were set out in section 3.1 of the report. The revised Capital Programme was set out at appendix B.

The Cabinet Member for Finance, Resources & Legal asked that the Local Places for Nature project had full consultation with staff and the wider public to ensure are making the best use of our assets.

The Cabinet Member for Climate Change and the Environment asked in relation to the Section 106 monies of £2.44 million in Table 2 of the report, if more elaboration could be made on this to give Cabinet a better understanding of what this has been allocated to.

The Corporate Director Communities stated that this money is agreed through the Development Control Committee and allocated to specific projects or sites throughout the Borough. The money will sit until the time that these sites begin work but were spent when needed. She gave the example of a housing development where the money can sometimes sit until the end of the development before being utilised. She added that for the benefit of understanding, she would provide a breakdown of the money in future reports.

RESOLVED: that Cabinet:

• noted the Council’s Capital Programme 2023-24 Quarter 2 update to 30 September 2023 (Appendix A).
• agreed that the revised Capital Programme (Appendix B) be submitted to Council for approval.
• noted the projected Prudential and Other Indicators for 2023-24 (Appendix C).