Agenda item

Electric Vehicle Replacement – to consider a budget adjustment to facilitate electric vehicle replacements relative to the introduction of the Ultra-Low Emissions Zone.

(C) Capital Funding – Bid for Reprioritisation: Electric Vehicle Replacements to Comply with the Ultra-Low Emission Zone

The Court was recommended to approve additional budgetary provisions of up to £3m to provide internal loan funding for electric and other low emission vehicle replacements, in order to comply with the Mayor of London’s Ultra Low Emissions Zone (ULEZ) and the City Corporation’s ‘Transition to a Zero Emission Fleet’ policy. This comprised £2.3m from the general reserves of City Fund for Police and other City Fund vehicles, and £0.7m from the general reserves of City’s Cash for City’s Cash vehicles.

Resolved – That Members:-

·         Approve an additional budgetary provision of up to £3m, to provide internal loan funding to be drawn from the general reserves of City Fund and City’s Cash.

·         Agree that these loan facilities will be available from 2019/20 onwards, to be drawn down as required over the life of the projects subject to other relevant approvals.