Budget Cabinet approve Capital Programme

The Budget Cabinet approved the Capital Programme for 2018/19 and provisional programme for 2019/20 to 2020/2021 on Thursday (14 September).

The provisional 2018/19 to 2020/21 Capital Programme was presented to Cabinet for consultation as part of the budget setting process.

Councillor Farnell added: "We continue to invest in improving services, facilities and the environment right across the borough. There are some good things that the budget often overlooks like flood relief and housing standards, money for disability facilities, and environmental work."

The Capital Programme for 2018/19 to 2020/21 takes into consideration the priorities of the Council and the resources available.

The approach for setting the 2018/19 capital budget has followed the steps below: 

• Initial budget as provisionally approved at Budget Council on 1 March 2017.
• Review of 2017/18 and 2018/19 schemes – Finance Service has worked with services to review 2017/18 and 2018/19 schemes taking into account spend to date and previous re-phasing of budget on the schemes.
• Consideration of new schemes

When a scheme is approved and the proposed spend is profiled across financial years, the scheme funding will be approved across these financial years and will therefore be considered as a priority in future years. Any reduction in the funding of these schemes will only be considered where contracts have not been entered into. Schemes totalling £52.4m have been proposed to be included in the 2018/19 Capital Programme.

The Capital budget, in line with the Council’s priorities – place plan, corporate plan and asset strategy - is funded from a number of sources: borrowing, capital receipts, and external funding & contributions. Borrowing has an implication for the Council’s Revenue budget as the Council has to make provision to repay the cost of borrowing: the budgeted cost for 2018/19 is £1.556m. 

All approvals are subject to confirmation of funding allocations.

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