Issue - meetings

·         To accept the report on the end of November review (30 November 2024 position) of the capital programme.  

·         Approve the revision to the Capital Budget approved on 7 March 2024 and revised on 15 October 2024 from the programme’s financing perspective (as shown in part 3.2.3 of the report), that is: 

-       an increase of £166,000 in the use of borrowing 

-       an increase of £4,112,000 in the use of grants and contributions

-       an increase of £420,000 in the use of the revenue 

-       an increase of £697,000 in the use of renewal and other reserves.

The report was submitted by Cllr. ⁠Huw Wyn Jones.

DECISION

·       To accept the report on the end of November review (30 November 2024 position) of the capital programme.  

·       Approve the revision to the Capital Budget approved on 7 March 2024 and revised on 15 October 2024 from the programme’s financing perspective (as shown in part 3.2.3 of the report), that is: 

-       an increase of £166,000 in the use of borrowing 

-       an increase of £4,112,000 in the use of grants and contributions

-       an increase of £420,000 in the use of the revenue 

-       an increase of £697,000 in the use of renewal and other reserves.

DISCUSSION

 A report was presented about the Council's revised capital programme and the amendments to the relevant funding sources. It was noted that the main conclusions were that firm plans were in place to invest £102.7 million in 2024/25 on capital plans with £51.1 million, or 50% of it funded through specific grants. It was further reported that an additional £19.7 million had been re-profiled from 2024/25 to 2025/26 and 2026/27 and it was highlighted that the Council had managed to attract additional grants since the last review, including £1.626 million from the Levelling Up Fund Grant, £725 million grant from the Welsh Government towards the North Promenade Scheme, Abermaw, amongst others.

Observations arising from the discussion:

·       The Chief Executive noted the good news that the Council had managed to attract further grants of £4.1 million since the last meeting, noting that more good news would likely be on its way.