Issue - meetings
Capital Budget Monitoring Round 1 2022/2023
Meeting: 10/11/2022 - Council (Item 354)
This report requests Council approval for a number of amendments to the Capital Programme as recommended by Cabinet on 23 August 2022. The report also requests that Council approve the rents set for Housing Revenue Account (HRA) new build and purchased properties for Affordable and Social Rent.
Minutes:
Background:
This report requested Council approval for a number of amendments to the Capital Programme as recommended by Cabinet on 23 August 2022. The report also requested that Council approve the rents set for Housing Revenue Account (HRA) new build and purchased properties for Affordable and Social Rent.
It was requested that an update be provided to the Business Support Overview and Scrutiny Committee on any occasion that the delegated authority proposed at paragraph 8.3 of the report had been exercised.
The Leader of the Council, Councillor Jarrett, supported by the Deputy Leader and Portfolio Holder for Housing and Community Services, Councillor Doe, proposed the recommendations set out in the report.
Decision:
a) The Council approved the addition totalling of £150,630 to the capital schemes detailed in sections 3.1 to 3.4 of the report and agreed to remove the unspent budget of £12.957million, as set out in section 3.5 of the report, from the Capital Programme.
b) The Council approved the rents set for the new build and purchased HRA properties, as set out in section 4 of the report.
c) The Council agreed to delegate authority to the Director of Place and Deputy Chief Executive to agree weekly rental values presented by the Head of Housing for any in-year completed HRA acquisitions and/or new builds in the future.
Meeting: 23/08/2022 - Cabinet (Item 10)
10 Capital Budget Monitoring - Round 1 2022/23 
PDF 414 KB
Minutes:
Background:
This report presented the results of the first round of the Council’s capital budget monitoring process for 2022/2023. The report explained that an overspend of £36,000 was forecast within the Children’s and Adults Directorate, before requested capital additions and that an underspend was forecast within the Regeneration, Culture and Environment Directorate of £18,000. All other Services/Directorates were forecast to complete their capital schemes within the approved budget.
The report also requested that the Cabinet recommend to Full Council a number of additions to and removals from the Capital Programme. Details of these were set out in section 9 of the report.
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Decision number:
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Decision:
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The Cabinet noted the results of the first round of capital budget monitoring for 2022/23 and the following capital additions agreed by Council on 21/07/2022, which would be incorporated into the capital monitoring process from round 2 of 2022/23:
i) £17,878,916 from short-term borrowing (to be repaid from future capital receipts generated by the site) for the redevelopment of the former Debenhams site,
ii) £12million total against future capital receipts for a building (£8million) and car park (£4million) on the Southern Site of the Innovation Park Medway (IPM), and
iii) £12.850million to fund the new Splashes Sports Centre, funded from prudential borrowing.
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104/2022 |
The Cabinet recommended that Full Council approve the following changes to the capital budget:
i) The addition £975 of basic need grant to the Halling Primary Expansion scheme to address the overspend reported, as set out in paragraph 9.1.1 of the report;
ii) The addition of £155 of S106 developer contributions to the Rowans Primary Support scheme to address the overspend reported, as set out in paragraph 9.1.2 of the report;
iii)The addition of £35,000 of S106 developer contributions to the Robert Napier Bulge scheme to address the overspend reported, as set out in paragraph 9.1.3 of the report;
iv)The removal of the uncommitted balance of the Regeneration Investment Fund of £12.947million, as set out in paragraph 9.1.5 of the report;
v) The addition of £114,500, funded from the Council’s General Reserves to the Lordswood Community Hub scheme, as set out in section 9.2 of the report.
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105/2022 |
The Cabinet agreed a virement of £527,000 to the Medway City Estate scheme, funded from underspends of £15,000 on the National Productivity Plan and £512,000 on the Integrated Transport LTP3, as set out in paragraph 9.1.4 of the report.
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Reasons:
Cabinet has the responsibility to ensure effective budgetary control to contain expenditure within the approved limits set by the Council.