Issue - meetings

Cabinet Member: Finance

Forward Plan Ref: 2024/201

Contact: Natalie Crawford, Capital Programme Manager

Natalie.crawford@oxfordshire.gov.uk

Report by Executive Director of Resources and Section 151 Officer (CA15)

The Cabinet is RECOMMENDED to:

a)    approve an increase in budget of £5.445m for the Tramway Accessibility Improvements scheme, to be funded from S106 developer contributions and reallocating funding from the Housing and Growth Deal.

b)    approve an increase of £1.300m for Banbury Road Roundabout to be funded from the Housing and Growth Deal. 

c)     approve a request to forward fund £15.300m for third party delivered projects at Oxford Rewley Road Fire Station and Oxford Grandpont Depot site.

d)    to note the latest estimated funding gap of £6.745m on the current balanced capital programme due which will be addressed through the annual business planning process and Capital Programme for Council approval in February 2025.

Recommendations approved.

Cabinet had before it a report setting out change requests requiring approval that would be incorporated into the agreed Capital Programme and included in the next update to the programme for Cabinet in June 2024.  

Councillor Dan Levy, Cabinet Member for Finance, presented the report. He explained the need for adjustments to the capital programme due to various factors, including the reallocation of funds from the Housing and Growth Deal.

Gill Bindoff and Steve Bolingbroke, representing Watlington Parish Council, addressed the Cabinet. They expressed concerns about the reallocation of funds from the Watlington Relief Road project. They emphasised the long-standing need for the road, the community's expectations, and the lack of communication regarding the funding changes.

Councillor Andrew Gant, Cabinet Member for Transport Management, gave assurances that the Watlington Relief Road remained a priority project for the Council. He explained the necessity of reallocating funds due to the inability to meet the March 2025 deadline set by Homes England. He said that the Council was committed to finding alternative funding sources and ensuring the project's continuation.

Councillor Levy moved and Councillor Sudbury seconded the recommendations, and they were approved.

RESOLVED to:-

a)              approve an increase in budget of £5.445m for the Tramway Accessibility Improvements scheme, to be funded from S106 developer contributions and reallocating funding from the Housing and Growth Deal.

b)              approve an increase of £1.300m for Banbury Road Roundabout to be funded from the Housing and Growth Deal. 

c)               approve a request to forward fund £15.300m for third party delivered projects at Oxford Rewley Road Fire Station and Oxford Grandpont Depot site.

d)              to note the latest estimated funding gap of £6.745m on the current balanced capital programme due which will be addressed through the annual business planning process and Capital Programme for Council approval in February 2025.