Issue - meetings

Cabinet Member: Finance

Forward Plan Ref: 2021/020

Contact: Hannah Doney, Head of Corporate Finance Tel: 07584 174654

Report by Director of Finance (CA8).

The report is the first capital programme update and monitoring report for the 2021/22 financial year and focuses on the delivery of the capital programme based on projections at the end of May 2021 and new inclusions within the overall ten-year capital programme.

The Cabinet is RECOMMENDED to:

a)               agree the inclusion in the Capital Programme of the following grants funded schemes:

                       i.       £1.5m Green Homes Grant programme (Paragraph 27);

                     ii.       £2.1m Public Sector De-Carbonisation Grant programme (Paragraph 28),

b)              agree the inclusion in the Capital Programme of the following schemes:

                       i.       the New St Edburg’s expansion to 3 Form Entry Primary School with a budget of £10.3m funded from s106 contributions (Paragraph 42);

                     ii.       the A420 Coxwell Road Junction scheme with a budget of £1.80m funded from s106 contributions (Paragraph 44),

c)               agree the increase in the budget for the following schemes:

                       i.       £2.2m for the Benson Relief Road scheme funded from Housing & Growth Deal grant and s106 contributions (Paragraph 46);

                     ii.       £0.5m for the Carterton Community Safety Centre funded from s106 contributions (Paragraph 29),

d)              note the risk that forward funding of up to £7.0m may be required on the A40 Access to Witney scheme (Paragraph 48) ahead of receipt of s106 contributions,

e)               approve the updated Capital Programme at Annex 2 (taking into account recommendations 1-4)

Recommendations agreed

Cabinet considered the first monitoring report and Capital Programme update for 2021/22, setting out the monitoring position for 2021/22 based on activity to the end of May 2021 and providing an update to the Capital Programme approved by Council in February 2021 to take into account additional funding and new schemes.

Councillor Calum Miller drew particular attention to the increases outlined in paragraphs 3 and 4.  The forecast expenditure for 2021/22 had increased by £3.4m compared to the latest approved capital programme which was largely due to deferred expenditure from the previous year.

The 10 year Capital Programme had increased by £49.2m compared to the capital programme approved by Council in February 2021, due equally to slippage from last year and new grant funding.

Borrowing for this year was estimated to be £70m some of which was borrowed on behalf of others, such as OxLEP.  Councillor Miller thanked officers for their prudent management of borrowing in the past.  He referred to the recommended additions to the capital fund, in particular, potential forward funding for the A40 Access to Witney Scheme ahead of the receipt of S106 contributions.

Councillor Miller stated that he was confident that these represented prudent capital investments for the Council and moved the Recommendations.

Councillor Glynis Phillips seconded the proposal.

RESOLVED to:

a)           agree the inclusion in the Capital Programme of the following grants funded schemes:

                   i.          £1.5m Green Homes Grant programme (Paragraph 27);

                  ii.          £2.1m Public Sector De-Carbonisation Grant programme (Paragraph 28),

b)           agree the inclusion in the Capital Programme of the following schemes:

                   i.          the New St Edburg’s expansion to 3 Form Entry Primary School with a budget of £10.3m funded from s106 contributions (Paragraph 42);

                  ii.          the A420 Coxwell Road Junction scheme with a budget of £1.80m funded from s106 contributions (Paragraph 44),

c)           agree the increase in the budget for the following schemes:

                   i.          £2.2m for the Benson Relief Road scheme funded from Housing & Growth Deal grant and s106 contributions (Paragraph 46);

                  ii.          £0.5m for the Carterton Community Safety Centre funded from s106 contributions (Paragraph 29),

d)           note the risk that forward funding of up to £7.0m may be required on the A40 Access to Witney scheme (Paragraph 48) ahead of receipt of s106 contributions,

e)           approve the updated Capital Programme at Annex 2 (taking into account recommendations 1-4)