Issue - meetings

¾    To accept the report on the end of August review (31 August 2020 position) of the capital programme.

¾     To approve funding the revisions as shown in part 4 of the report, namely:

·         use of various sources, worth a total of £3,646,000, to fund actual slippages
from 2019/20,

·         a decrease of £558,000 in the use of borrowing,

·         an increase of £7,105,000 in the use of grants and contributions,

·         no change in the use of capital receipts,

·         an increase of £53,000 in the use of revenue contributions,

·         no change in the use of the capital reserve, and

·         an increase of £283,000 in the use of renewal funds and others. 

The report was presented by Cllr. Ioan Thomas 

DECISION

¾    To accept the report on the end of August review (31 August 2020 position) of the capital programme.

¾    To approve funding the revisions as shown in part 4 of the report, namely:

·         use of various sources, worth a total of £3,646,000, to fund actual slippages from 2019/20

·         a reduction of £558,000 in the use of borrowing,

·         an increase of £7,105,000 in the use of grants and contributions,

·         no change in the use of capital receipts,

·         an increase of £53,000 in the use of revenue contributions,

·         no change in the use of the capital reserve, and

·         an increase of £283,000 in the use of renewal funds and others. 

DISCUSSION

The report was submitted, noting that its main purpose was to present the capital programme and to approve the relevant funding sources. It was added that the impact of Covid was to be seen on the capital programme with only 13% of the budget spent up to the end of August.

It was emphasised that the Council had firm plans in place to invest approximately £44m this year with £17m funded by attracting specific grants. It was stated that it was anticipated that there would be slippage of £9.4 million this year to the following year; however, there would be no financial loss. The additional grants that had been attracted were noted and these included £2.3m in Phase II Homelessness Grant, £2.2m 21st Century Schools Grant and £1.3m in Grants from the Local Transport Fund and Active Travel Fund.

Observations arising from the discussion

¾  Attention was drawn to the Schools Grant and it was stated that this funding was to renovate one of the county's secondary schools. The importance of such projects was stressed to ensure support for young people.

¾  It was highlighted that £100m capital funding over the three financial years 2020/21 - 2022/23 was significant and it was expected that there would be slippage this year. It was noted that there was pride that there was so much investment within the county.