Agenda item

Capital Management Report: Quarter 3

To consider and provide a recommendation to Cabinet on the proposals set out in the attached Report.

Minutes:

Jane Fineman, Head of Finance, Procurement and Parking introduced the report that summarised the actual and forecast outturn expenditure on capital schemes as at 31 December 2019.

 

Discussion and responses to Members questions included the following matters:

 

-       Cabinet originally approved capital expenditure of £22.7m for 2019/20. 

-       Since then £1.244m of projects had been rescheduled from 2018/19 into 2019/20. £4.797m had been rescheduled from 2019/20 into 2020/21, and approval and deletions of £1.7m had been made in Quarters 1 and 2.

-       Quarter 3 report now requested a further £6.825m reduction in spend and a further rescheduling of £6.6m into future years. This would reduce the forecast outturn to £7.439m.

-       £4.149m would have to be financed from reserves. 

-       A decrease of £80m, the total sum of the Calverley Square scheme of which £7.026m was scheduled to be spent in 2019/20.

-       The main projects rescheduled from 2019/20 into 2020/21 included £5.15m for the Amelia Scott, £769,000 for the Council’s contribution towards the RVP refurbishment and £304,000 of Disabled Facilities Grants.

-       A new approval of £400,000 was requested for a contribution towards the Cranbrook Community Hub.

-       £1.187m of new budgets for 2020-2022 had already been approved by Cabinet, but was now seeking approval into the Capital Programme. 

-       To note, two pieces of land were sold for a total of £1.17m.

-       The Housing Renewal Grants was a reserve that helped Landlords bring properties up to spec to enable them to be rented out. The variations in sums approved depended on the number of suitable requests for the grant and the availability of resources to assess the properties involved. 

-       TWBC sought to look as far ahead as possible when allocating S106 money.  It was very rare to give any developer funding back. 

-       An affordable housing project in Hawkhurst was already included in the Capital Plan.

-       Clarification was sought on the Summary of Expenditure as detailed in Appendix D and in particular the £680,000 from the Public Works Loan Board Loan. 

 

RESOLVED – That the recommendations to Cabinet as set out in the report be supported.

Supporting documents: