Agenda item

A report of the Head of Finance and Property Services to consider proposed changes to the 2018/19-2020/21 Capital Plan and its financing.

Key Decision

Considered a report of the Head of Finance and Property Services to consider proposed changes to the 2018/19-2020/21 Capital Plan and its financing (item 11 on the agenda filed with these minutes).

Councillors Morgan and Poland referred to being members of the Outwoods Management Committee.  Advice was given that it was not necessary to declare interests as they had been appointed to the Committee by the Council.

The Head of Finance and Property Services assisted with consideration of the report.

RESOLVED

1.      that, the current Capital Plan for 2018/19 - 2020/21, as amended by the changes shown in Appendix 1 to the report of the Head of Finance and Property Services, in the sum of £31,450,800 be approved;

2.      that it be recommended to Council that the Acquisition of Affordable Housing to meet Housing Need HRA scheme be increased by the sum of £477k, be added to the Capital Plan in 2020/21 and that it proceeds;

3.      that it be recommended to Council that the Loughborough University Science and Enterprise Park budget of £350k slippage from 2018/19 to 2019/20 be approved;

4.      that the slippages on the following budgets from 2018/19 to 2019/20 be approved: Leicestershire Superfast Broadband Phase 3, £100,000; Carbon Management Schemes, £57,000; and Public Realm Shepshed Town Centre, £12,200;

5.      that £40k budget for Hardware Replacement being brought forward from 2019/20 to 2018/19 be approved;

6.      that the Loughborough Markets – Replacement of Tug and Trailer scheme to the sum of £21,500 be added to the Capital Plan in 2018/19;

7.      that the Carillon Tower Restoration Project scheme which is currently in the Capital Plan 2018/19 for £282k be increased by £7,500 to allow for works on refurbishing the bronze metal plaques and the new enhanced lighting scheme;

8.      that the Messenger Close, Loughborough scheme be increased by £12,100;

9.      that the Green Spaces Programme be reduced by £25k;

10.    that a new scheme for the Outwoods, £140k fully funded by a grant is added to the Capital Plan in 2018/19.

Reasons

1.      To enable the Capital Plan to be the basis for capital spending by the Council and so that schemes may proceed.

2.      To confirm that the Acquisition of Affordable Housing to meet Housing Need HRA scheme, should be increased to the sum of £477k, and that the cost be funded 30% from retained 141 capital receipts and 70% from HRA reserves.

3.      To enable the scheme budget to be available in 2020/21.

4.      To enable the scheme budgets to be available in 2020/21.

5.      To enable work to proceed in 2018/19.

6.      To enable Loughborough Markets to operate.

7.      To confirm that the Carillon Tower Restoration Project scheme be increased and funded by an external contribution.

8.      To confirm that the Messenger Close, Loughborough scheme be increased funding by income from tenants.

9.      To ensure that the Council’s costs will not increase as this part of the scheme was to be external funded. The funding will not be received.

10.    To enable works to proceed in 2018/19.