Decision
Analysis
outcome: The overall forecast for 2024/25 capital expenditure is approved with a net decrease of £20m, the four-year capital programme for 2024-2028 is updated with a net increase of £66.6m, additional budget envelope of £1.45m is approved for various capital schemes, and s106 funding allocations of £22.767m are approved.
summary: The decision involves approving a revised capital expenditure forecast, updating the four-year capital programme, allocating additional budget for capital schemes, and delegating authority for the use of unspent Right to Buy receipts.
topline: The Cabinet has decided to approve revised capital expenditure forecasts and update the four-year capital programme, allocating additional budget for various capital schemes.
reason_contentious: This issue may be contentious as it involves significant financial decisions and allocation of funds, which could impact various stakeholders and community projects.
affected_stakeholders: ["Cabinet members", "Finance department", "Regeneration & Development department", "Local communities"]
contentiousness_score: 7
political_party_relevance: There are no explicit mentions of political parties in the decision, but the allocation of funds and capital expenditure decisions can have political implications.
URL: https://democracy.lbhf.gov.uk/ieDecisionDetails.aspx?ID=4916
Decision Maker: Cabinet
Outcome:
Is Key Decision?: Yes
Is Callable In?: Yes
Purpose: This report reports the quarter 2 position to Cabinet and seeks revisions to the Capital Programme which require the approval of Cabinet in accordance with the Council’s financial regulations.
Content: To note the overall forecast of £274.1m for 2024/25 capital expenditure which is a net decrease of £20m in comparison to the first quarter forecast of £294.1m. To approve the updated four-year capital programme for 2024-2028 of £643m, as detailed in Appendix 1. This is a net increase of £66.6m in comparison to the four-year programme of £576.4m approved at Full Council in February 2024. To approve an additional budget envelope of £1.45m for various General Fund capital schemes, funded from reserves (£1.3m), and borrowing (£0.150m) as detailed in paragraph 3 of the report. To note the revenue impact of any additional borrowing, as outlined in the Economic and Strategic Overviewsection. To approve £22.767m of s106 funding allocations for various capital schemes, as detailed in Appendix 5. The specific projects will be added to the capital programme once the programme of works has been identified and the schemes’ budgets are approved. To delegate to the Strategic Head of Regeneration & Development ,in consultation with the Executive Director for Finance, the use of any unspent Right to Buy 1-4-1 receipts at risk of repayment to the Ministry of Housing, Communities and Local Government (MHCLG) to acquire homes on the open market without use of any additional borrowing, as described in paragraph 4 of this report. To note the prudential indicators presented in Appendix 4, as per Prudential Code requirements.
Date of Decision: December 16, 2024