Agenda item

Draft Capital Programme 2022/23 - 2024/25

Minutes:

Cabinet considered the draft Capital Programme for 2022/23 – 2024/25.

 

The Lead Member for Finance and Ascot informed Cabinet that the paper sets out the draft capital strategy 2022/23 to 2024/25, the draft capital programme 2023/23 to 2024/25 and the capital cash flow.

 

he recommend that Members read the capital strategy, the strategy had been recently reviewed by the Audit and Governance Committee and they agreed it was a very readable document that clearly sets out how the Councils manages its long-term capital investment programme and how this related to the Corporate Plan.

 

Cabinet were informed that we had relatively high levels of borrowing and even with what were historically low interest rates this had an impact on the revenue budget. Our Capital programme was therefore focused on fully funded schemes and unavoidable capital investment. Using this strategy, the Capital Programme was prioritised into four key areas: 

 

·       Regeneration schemes 

·       Major Strategic Acquisitions 

·       Efficiency Projects 

·       Operational schemes 

 

These were funded from, capital grants, developer contributions in the form of S106 and CIL, partner contributions, capital receipts and prudential borrowing; With the latter leading to a charge on the revenue budget.

 

Appendix B on page 635 sets out the aggregate 3-year Capital Programme by Directorate and the following pages show eddetailed schemes. The programme would increase borrowing by £64.1 M of which £44.7 million related to schemes approved in previous years. He anticipated additional capital investment of £6.6 million and £5 million in 2023/24 and 2024/25 respectively. The impact of this was reflected in the Revenue Budget and MTF Plan

 

A number of major schemes were included in the programme that were linked to Corporate Plan priorities these were set out in appendix C on page 644 and included Affordable Housing, Broadway Car Park, Vicus Way Car Park and River Thames schemes. The total cost of these schemes over the next three years was £44,732,000. Some would enable the generation of future Capital Receipts; other schemes will generate future revenue income.

 

 Fully funded capital bids were shown in appendix D on page 644.  Constraining capital spending meant fewer capital projects for 2023/24 the most significant being:

 

·       The completion of the Vicus Way car park. 

·       There is £1.5 million to deliver against the Cycle Action Plan.

·       £6.6 million on highways and footway maintenance, surface water flooding and bridge repairs.

·       £750K on street lighting.

·       £9M the River Thames schemes.

·       £8m on affordable housing and temporary accommodation.

·       £400K For Leisure Centre maintenance and equipment upgrades.

 

Cllr Larcombe mentioned that with regards to the River Thames Scheme the paper refers to £10 million being spent on Datchet, Horton and Wraysbury and Old Windsor and borough wide schemes.  The report later refers to £8 million on River Thames Schemes.  He said that flooding was mentioned in various places throughout the report and although it was not right to have all in a single line but he asked if they could all be listed together.  He asked if the £10 million was for Datchet, Horton and Wraysbury and Old Windsor only and would not be spent elsewhere and that there would be consultation before it was spent.

 

The Lead Member for Finance and Ascot replied that appendix C showed approved schemes and asked Cllr Larcombe to email him the flood schemes he wanted to see batched together and he would ask finance if this was possible. Cllr Cannon also mentioned that he money was ring fenced for flood liaison schemes along the Thames and there would be consultation with parish councils and stakeholders.

 

Cllr Werner mentioned that he was keen on an alternative budget and capital programme suggestions but this was dependent on his previous questions being answered.  He also mentioned that a couple of years ago members were ask to submit capital bids for their wards but his was put on hold and he could not see any mention of it returning within the report, also some residents had asked him what had happened to the Charters Leisure Centre that had been promised.

 

The Chairman replied that the administration were still committed to the Charter’s LC project but only when it was prudent.  With regards to alternative budget proposals he said that Cllr Werner had been a councillor long enough to know how to submit and fully funded alternative proposal, such as funding eco homes.

 

The Lead Member for Finance and Ascot informed that with regards to the withdrawal of members capital bids this had been undertaken after consulting with officers during that years budget build, he had apologised to members at the time.  Not proceeding with the scheme had allowed fund to go into projects such as the councils purchase of new laptops that had resulted in the flexibility required during the pandemic. 

 

Cllr Rayner supported the paper and was pleased to see money going towards the Guildhall.

 

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

 

i)               The draft Capital Strategy 2022/23 – 2024/25 as set out in Appendix A

ii)             The draft consolidated capital programme for 2022/23 – 2024/25 in Appendix B.

iii)            The capital cash flow in Appendix E

 

Supporting documents: