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Capital Programme Update - Quarter 2 2019-20

Minutes:

The Interim Head of Finance and S151 Officer submitted a report, the purpose of which was to:-

 

·       comply with the requirement of the Chartered Institute of Public Finance and Accountancy’s (CIPFA) Prudential Code for Capital Finance 2018

·       provide an update of the Capital Programme for 2019-20 at 30 September 2019 (Appendix A to the report)

·       seek agreement from Cabinet to present a report to Council for approval for a revised Capital Programme for 2019-20 to 2028-29 (Appendix B)

·       note the projected Prudential and Other Indicators for 2019-20 (Appendix C)

 

The report outlined certain background information, the Local Authorities (Capital Finance and Accounting) (Wales) Regulations 2003 as amended, contain detailed provisions for the capital finance and accounting controls, including the rules on the use of capital receipts and what is to be treated as capital expenditure. They modify accounting practice in various ways to prevent adverse impacts on authorities’ revenue resources.

 

The Interim Head of Finance and S151 Officer, confirmed that on 20 February 2019, Council approved a capital programme covering the period

2019-20 to 2028-29 as part of the Medium Term Financial Strategy (MTFS).

 

The capital programme was last updated and approved by Council on 24 July 2019. The report before Members provided an update on the following areas:

 

Capital Programme 2019-20 Monitoring;

Capital Programme 2019-20 Onwards;

Prudential and Other Indicators Monitoring;

Capital Strategy Monitoring

 

In respect of the Capital Programme 2019-20 Monitoring, Table 1 in paragraph 4.1 of the report, reflected the Capital Programme per Directorate for 2019-20.

 

The revised programme for 2019-20 currently totals £38.133m, of which £18.504m is met from BCBC resources, including capital receipts and revenue contributions from earmarked reserves, with the remaining £19.629m coming from external resources.

 

Table 2 in the report, then summarised the current funding assumptions for the capital programme for 2019-20.

 

Appendix A to the report provided details of the individual schemes within the capital programme, showing the budget available in 2019-20 compared to the projected spend.

 

A number of schemes have already been identified as requiring slippage of budget to future years (2020-21 and beyond). At quarter 2 the total requested slippage is £18.858 million, which included the schemes as listed in paragraph 4.4 of the report.

 

Paragraph 4.5 of the report gave information regarding the Capital Programme 2019-20 onwards and, in particular, confirmed that since the last capital report was considered in July 2019, there have been a number of new externally funded schemes approved, which have been incorporated into the capital programme and these were listed in this section of the report.

 

The Interim Head of Finance and S151 Officer advised that there were a number of other schemes within the Capital Programme that were awaiting confirmation of external funding over the autumn period, and at present, the Capital Programme had not been updated to take account of these.

 

The final sections of the report then gave information in respect of Prudential and Other Indicators 2019-20 Monitoring and Capital Strategy Monitoring, whilst the financial implications were outlined in the body of the report.

 

The Leader felt that there were very exciting projects proposed as detailed in the report, that included a Community Hub at Brynteg Comprehensive School, Valleys Regional Park (VRP) at Bryngarw and Parc Slip and was pleased to see grant funding from Welsh Government being committed toward the Capital Programme, such as the Economic Stimulus Grant. He also welcomed the £800k that had been earmarked for highway infrastructure work.

 

The Cabinet Members – Future Generations and Wellbeing and Social Services and Early Help, in turn, asked for an update on the Caerau Heat Network, as the report confirmed that the scheme was in its final stages of approval with Welsh European Funding Office (WEFO). Completion of this would assist in carbon reduction within this part of the County Borough going forward.

 

The Chief Executive advised that the delay was with Welsh Government rather than ourselves, but it was hopeful that this project would proceed within the next 6 months, hence the scheme’s inclusion in the Capital Programme.

 

RESOLVED:                               That Cabinet:

 

(1)  Noted the Council’s Capital Programme for 2019-20 for the period to 30 September 2019 (see Appendix A to the report).

(2)  Agreed that the revised Capital Programme (Appendix B to the report) be submitted to Council for approval.

Noted the Prudential and Other Indicators for 2019-20 (Appendix C to the report).

Supporting documents:

 

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