Cabinet considered the report regarding draft Capital Programme for 2021/22 – 2023/24 and Capital Strategy 2021/22 – 2025/26.

The Lead Member for Finance and Ascot informed that the report presented the Draft Capital Strategy, the Draft Capital Programme for 2021/22 and the capital cash flow.  The Draft Capital Strategy was similar to that published with the Budget in February but for clarity it had been reformatted. A notable change was the removal of Repairs and Maintenance as capital investment as such costs should be funded from revenue. The introduction in the current budget of a £20,000 de minimus level for Capital had started this process.

The value of the Capital programme for 2021/22 was nearly £61M but this was dominated by previously approved major schemes which are shown in appendix C. The most significant addition was funds to allow early surrender of the lease on Maidenhead Golf Course. Despite withdrawing from the River Thames Scheme we have not removed the budget from the Capital programme and will continue to work to establish an affordable funding mechanism.

In order to constrain pressure of Minimum Revenue Provision and interest from borrowing on the revenue budget only essential items to the value of £2.237 was allocated for new bids in the 2021/22 programme, interest payments on schemes of over a year’s duration were capitalised.

Table 4 on page 348 detailed the November level of CIL and S106.   £3.767 is earmarked for use in 2021/2.   Table B was the consolidated capital programme 2021/22 to 2023/24 this shows individual schemes by Directorate.   Appendix D shows the detail of Capital bids and source of funding and appendix E the capital cash flow projection.

He draw cabinets attention to page 363 and account code CD 91 described as Windsor Town Centre package. An error was made when setting the 2020/21 budget, only the LEP funding was shown and not additional matched S106 funding of £850K.  A cabinet paper would be required to add these funds in year but as the project will slip into 2021/22 the 2020/21 budget will revert to the original £1.563 M and £850K will be added to the proposed 2021/22 capital programme.

Cllr Larcombe addressed Cabinet about the River Thames funding issue and informed that there was a live petition with over 900 signatures to date.  He mentioned that the river Thames was a major Environment Agency flood alleviation project.  Appendix C on the major schemes document said that river Thames funding was approved by Council in 2015, since then there has been 19 meetings of the River Thames (Datched to Teddington) scheme, he read from the December minutes where a RBWM councillor said the Government should fund the £50 million gap, it was said that the Government would not fund more of the scheme after agreeing to provide £60 million.  The money was not required upfront just a signed legal agreement.  It was clear RBWM was fully aware that the project was fully funded in 2019. He was concerned that the full facts had not been made clear at council. He felt that the council had a moral duty to fully fund the  RTS Channel .

The Chairman said that in terms of the project they remained committed however due to the current financial position additional borrowing would not be sensible.  They had lobbied government but had not been successful.  The Lead Member said he was totally committed to the scheme when funding permitted.

Resolved unanimously:  that  Cabinet notes the report and comments on:

i)          The draft Capital Strategy 2021/22 – 2023/24 as set out in Appendix A

ii)         The draft consolidated capital programme for 2021/22 – 2023/24 in Appendix B, including slippage from previously approved schemes and the proposed new schemes.  Further detail is included in Appendices C and D.

iii)     The capital cash flow in Appendix E