Issue - meetings

Report number CHFR71 by the Corporate Head, Finance & Resources.

                                                                                                            (Enclosure)

DECISION:

The Council

1.                approves the revised Capital Programme as attached at Appendix A-C of report number CHFR71;

2.                note the comments of the Section 151 Officer has provided a proposal for financing the capital programme. The actual financing of the capital programme will be finalised as part of the accounts closure process for 2007/8 when full details of the delivery of the programme and available financing options are known;

3.                notes that the Section 151 Officer will consider the longer term impact of capital financing in conjunction with the Capital and Treasury Management advisors as part of the preparation of budgets for 2008/9 and provide further advice to the Council in the Budget Report for 2008/9.

The Council had before them report number CHFR71 on the review of the capital programme for 2007/8. This was one of a regular series of reports submitted to Cabinet and Council to ensure that the Capital Programme remained fit for purpose. The recommendations listed in section 2 of report CHFR71 were moved and seconded.

Discussion on the motion ensued, which included comments on delays in the construction of Welham Street multi-storey car park in Grantham and subsequent slippage in the delivery of the programme. Options for the financing of the Capital Programme were detailed in the report. The Council’s own reserves would be used first, to reduce the need for borrowing. The financing of the programme would be kept under review and was dependent upon the progress of the programme. A vote was taken on and was carried.