Agenda item

It was moved by Councillor Swindlehurst,

Seconded by Councillor Akram,

“That the following be approved:

(a)  The General Fund capital programme 2021/22 to 2023/24 of £147.557m and the associated Minimum Revenue Provision.

(b)  The Housing Revenue Account (HRA) capital programme 2021/22 to 2023/24 of £161.743m, including £147.248m for Affordable Housing schemes.

(c)  The principles underpinning the capital programme in paragraph 5.1.2 and the Minimum Revenue Provision principles in Section 7.

(d)  The notional funding allocations for individual schemes as highlighted in Appendix A (General Fund), Appendices B and C (HRA and Affordable Housing) for the period 2020-2024.

(e)  The Prudential Indicators, as set out in Section 6 of the report, and the Operational Boundary and Authorised Limit as set out in Tables 1.7 and 1.8. in order to provide increased flexibility to fund the Council’s Capital Expenditure plans.

Members are asked to note:

(f)  The estimated interest costs of borrowing £119.4m to fund the entire capital programme, assuming an interest cost of 1%, excluding the Minimum Revenue Provision, is £1.194m pa. These costs have been included within the Medium Term Financial Strategy.

(g)  The Council will withdraw from its reliance on using capital receipts to fund the Minimum Revenue Provision over the lifetime of this capital programme. The revenue impact of this decision results in a £6.573m pressure by 2023/24. These costs have been included within the Medium Term Financial Strategy.”

The recommendations were put and carried and, in accordance with the Local Authorities (Standing Orders) (England) (Amendment) Regulations 2014, a record of the vote was taken as follows:-

There voted for the recommendations:-

Councillors Ajaib, Akram, Ali, Anderson, Bains, Basra, Begum, Carter, A.Cheema, H.Cheema, Dar, Davis, Dhaliwal, Gahir, Hulme, Mann, Matloob, Minhas, Mohammad, Nazir, Pantelic, D.Parmar, S.Parmar, Plenty, Qaseem, Sabah, A.Sandhu, Sharif and Swindlehurst. …………………..…………….  29

There voted against the recommendations:

Councillors Kelly, Smith, Strutton and Wright………………………………….  4

There abstained from voting:

The Worshipful, The Mayor Councillor Brooker ………………………………..  1

Resolved  -

That the following be approved:

(a)  The General Fund capital programme 2021/22 to 2023/24 of £147.557m and the associated Minimum Revenue Provision.

(b)  The Housing Revenue Account (HRA) capital programme 2021/22 to 2023/24 of £161.743m, including £147.248m for Affordable Housing schemes.

(c)  The principles underpinning the capital programme in paragraph 5.1.2 and the Minimum Revenue Provision principles in Section 7.

(d)  The notional funding allocations for individual schemes as highlighted in Appendix A (General Fund), Appendices B and C (HRA and Affordable Housing) for the period 2020-2024.

(e)  The Prudential Indicators, as set out in Section 6 of the report, and the Operational Boundary and Authorised Limit as set out in Tables 1.7 and 1.8. in order to provide increased flexibility to fund the Council’s Capital Expenditure plans.

Members noted that:

(f)  The estimated interest costs of borrowing £119.4m to fund the entire capital programme, assuming an interest cost of 1%, excluding the Minimum Revenue Provision, is £1.194m pa. These costs have been included within the Medium Term Financial Strategy.

(g)  The Council will withdraw from its reliance on using capital receipts to fund the Minimum Revenue Provision over the lifetime of this capital programme. The revenue impact of this decision results in a £6.573m pressure by 2023/24. These costs have been included within the Medium Term Financial Strategy.