Decision details

RESOLVED: That Cabinet:

(1)   Noted the forecast expenditure of £30.415M in 2024/25 on the capital programme, paragraph 8.3 refers.

(2)   Noted the position of the availability of capital resources, as detailed in table 2 paragraph 8.10 and the requirement to keep the capital programme under review for affordability.

(3)   Noted the position of Treasury Management activity as at the end of June 2024.

(4)   Approved that the Council should proceed with the Local Authority Housing Fund round 3 and submit the Memorandum of Understanding so that the Council can receive the initial allocation of funds.

RECOMMENDED TO COUNCIL: That Council:

(1)   Approves a capital budget of £0.080M to fund the purchase and installation of a new chiller at the museum, paragraph 8.4 refers.

(2)   Approves a capital budget of £1.920M (£0.96M in 24/25 and £0.96M in 25/26) for round 3 of the Local Authority Housing Fund. This will be fully funded from Government grants and housing provider contributions, paragraph 8.5 refers.

(3)   Approves bringing forward £0.008M of the backup and business continuity hardware capital budget (from 2025/26 to 2024/25) and reducing the 2025/26 budget to £0.057M.

(4)   That Council approved bringing forward £0.672M of leisure funding to allow upgrades to the fitness facilities in Hitchin to take place in this financial year, instead of next financial year. This would be made up of the £0.300M budget for Member Change and Relaxation Area Refurbishment, and £0.372M of the 2025/26 allocation of the budget for providing capital funding to our leisure provider.

REASONS FOR RECOMMENDATIONS:

(1)   Cabinet is required to approve adjustments to the capital programme and ensure the capital programme is fully funded.

(2)   To ensure the Council’s continued compliance with CIPFA’s code of practice on Treasury Management and the Local Government Act 2003 and that the Council manages its exposure to interest and capital risk.