Agenda item

Report of the Chamberlain.

N.B. – To be read in conjunction with the non-public appendices at Item 19.

The Committee considered a report of the Chamberlain concerning arrangements for the prioritisation and funding of capital projects ahead of the forthcoming fundamental review process.

In response to questions concerning the deferred projects, it was confirmed that officers had scrutinised each in detail and considered the risk implications associated with all proposals. Each would be subject to ongoing officer review and any items could be brought back to Members to reconsider, should the position change materially. The next meeting of Resource Allocation Sub-Committee would provide an early opportunity and there would be flexibility to revisit items in the event of changed circumstances. In the meantime, a pragmatic approach would be taken in respect of each deferred project, with projects utilising existing funding approvals to take them up to the next Gateway point or other sensible place to pause.

With respect to Community Infrastructure Levy funding, it was clarified that the intent was to review future allocations, not to revisit sums already allocated to service departments.

RESOLVED: That Members:-

1.     Approve the prioritisation of new capital projects in 2019/20 in accordance with the criteria in paragraph 6 and 7 and confirm any additional interim criteria to be applied pending the fundamental review (paragraph 18).

2.     Approve the schemes set out in paragraph 13 (Tables 2 - 4 and Appendices 1 – 4) for release from hold to continue through the Gateway procedure, with a combined value of £89m.

3.     Approve £23.622m of funding for schemes detailed in Appendix 6 as follows:

·       internal loan funding with:

o  payback periods of 5 years or less of up to £3m; and

o  payback periods of more than 5 years of up to £18.818m

to be allocated from the reserves of City Fund and City’s Cash, subject to other relevant approvals including gateways and Court of Common Council, and with each scheme to be considered on its own merits.

·      funding of up to £1.804m for the other bids be drawn from the unallocated balances remaining in the 2018/19 City Fund and City’s Cash provisions for new schemes.

4.     Defer the approval of funding for schemes identified in Appendix 5A and 5B with a current value of £340m pending the fundamental review of services.

5.     Note that the unallocated balances remaining in the 2018/19 annual provisions for new schemes will be returned to the centre.

6.     Approve the introduction of an annual capital bid process to ensure that proposed new schemes are affordable and properly prioritised against criteria developed to reflect the new corporate model.