Issue - meetings

The Cabinet to recommend approval of the revised Capital Programme and Treasury Management Strategy:

Report number CHFR43 to the Cabinet by the Corporate Head of Finance & Resources is re-circulated for members’ information.                (Enclosure)

DECISION:  To adopt the revised Capital Programme for 2007/08 as attached at appendix A and the Treasury Management Strategy at appendix B to report number CHFR43.                                 

Members had previously been circulated with a copy of report number CHFR43 prepared by the Corporate Head, Finance & Resources which had been considered by the Cabinet on 2^nd April 2007.  This report explained that the capital programme for 2007/08 approved by Council on 1^st March had now been revised to reflect the notification of the award of £582,680 Capital Grant from the Department for Environment & Rural Affairs.  This grant was made towards the cost of capital works proposed for the decontamination of the car park at Wharf Road in Stamford.

The report also explained that the capital programme had been amended to include the private sector renewal programme and Housing General Fund.  Having considered the contents of this report, the Cabinet had recommended Council adopt the revised Capital Programme and approve the appended Treasury Management Strategy to reflect the changes described in the proposed capital financing of the programme.

A member asked the Corporate Head of Finance & Resources at what stage did any significant changes get reported back to the Council and what would constitute a “significant change”.  The officer replied that after the out turn at the end of June, any changes resulting from that or from changes in the economic climate would be reported to the next scheduled Council meeting in the summer period.  The projections for the year appeared to be correct, so any changes reported would be only if they represented real material change.

A question was asked whether the funding received for the decontamination of the Wharf Road car park in Stamford could not be put into the general fund and perhaps used to assist some of the local traders whose businesses had suffered during work on the Gateway project.  The Corporate Head explained that car parking was a revenue issue and capital finance could not be used to support revenue costs.