Agenda item

It was noted that the two late reports of the Chamberlain, Items 18 and 19, were public items and would be considered at this point in the agenda:

18.      Capital Funding - Prioritisation of 2021/22 Annual Capital Bids - Initial Review

The Committee considered a report of the Chamberlain concerning the prioritisation of 2021/22 Annual Capital Bids. It was noted that this report had been considered by the Resource Allocation Sub-Committee earlier that day and was now recommended to the Policy and Resources Committee for approval.

RESOLVED: That:-

1.     It be noted that the total value of bids amounting to £146m of which £27.5m were to be funded from existing local resources and £13.5m which did not meet the capital criteria and would need to be funded from revenue resources.

2.     It be agreed that the remaining £105m of capital bids was currently unsustainable and therefore Chief Officers, in consultation with Service Committee Chairs, be requested to further consider ranking of schemes to identify the most critical bids, with innovation and reputational impact uppermost.

3.     Subject to the outcome of Chief Officer rankings, it be agreed ‘in principle’ that bids with a final RAG rating of amber and red be deferred.

4.     It be noted that the Climate Action Strategy bids would be subject to further review to confirm the priority of proposals.

5.     It be noted that options for revenue funding of the Climate Action revenue bids that do not meet the capital criteria (currently £13.5m) will be brought forward in December.

19.              Capital Funding Update

The Committee considered a paper of the Chamberlain proposing the release of £5.42m for five schemes which had previously received ‘in principle’ approval for progression. It was noted that this report had been considered by the Resource Allocation Sub-Committee earlier that day and was now recommended to the Policy and Resources Committee for approval.

RESOLVED: That:-

1.     The five schemes listed in Table 1 of the report be reviewed in the context of the current crisis and confirmed that they should receive continued essential priority for release of funding at this time.

2.     An increase of £250k in the central funding be agreed and allocated to the Frobisher Crescent fire safety works to be offset by a compensating reduction in the car park fire safety funding allocation.

3.     The release of up to £5.42m be agreed for the five schemes from the reserves of City Fund and City’s Cash as set out in Table 1, subject to the approval of the relevant gateway reports.