Agenda item

To consider proposals relating to the funding of two projects.

FINANCE COMMITTEE

(Jeremy Paul Mayhew)

7 January 2020

Capital Funding Requests

In April 2019, the annual capital prioritisation approach was approved, which identified projects to be progressed outside of the Fundamental Review and the resources that would be required to be allocated to them. Subsequent to this, funding approvals  were considered in May, July and October to allow the progression of a number of those projects that it had been agreed could be advanced outside of the Fundamental Review and which addressed risks on the corporate risk register, had sound business cases that clearly demonstrated the negative impact of deferring the scheme, or met certain defined criteria (e.g. health and safety compliance requirements, statutory compliance requirements, and so on).

The release of £2.625m was now proposed to fund two of the previously identified schemes which met the criteria for progression outside of the Fundamental Review. A contribution of up to £1.375m from City’s Cash reserves was required to progress repair works to the earth embankment dams of Baldwins and Birch Hall Park ponds at Epping, to prevent further deterioration from leakage and internal erosion and also overtopping and dam failure during extreme storm events. Up to £1.25m from City Fund reserves was also required for replacement of the end of life airwave radio police communication system.

Following approval by the Resource Allocation Sub-Committee and Policy & Resources Committee,  the Finance Committee now recommended to the Court the requisite in-year budget adjustments to allow for the release of the funds and for these two projects to progress.

Resolved – That the allocation of central funding of up to £2.625m, together with the associated in-year budget adjustments, be approved to allow two schemes to progress (subject to the requisite Gateway approvals), viz:-

1.    Up to £1.375m from City’s Cash reserves as a contribution to the cost of the Baldwins and Birch Hall Park pond works.

2.    Up to £1.250m from City Fund reserves to meet the cost of a replacement airwave radio communication system.