Report of the Chamberlain.
Minutes:
Members considered a report of the Chamberlain regarding the Capital Funding update. The following matters were raised:
RESOLVED, that Members
i) Agree to apply the ‘one-in, one-out’ approach to reallocate £229k from the central reserves of City Fund and City’s Cash from the savings on the Energy Reduction Programme to provide top-up funding for the BEMS Phase 1 scheme.
ii) Note the net savings of £246k on the Energy Reduction Programme Phase 1 as summarised in Table 1, of which £209k relates to City’s Cash.
iii) Have reviewed the schemes summarised in Table 2 and, particularly in the context of the current financial climate, and confirm their continued essential priority for release of funding at this time; and accordingly
iv) Agree the release of up to £518k for the schemes in Table 2 from the reserves of City Fund and City’s Cash as appropriate, subject to the required gateway approvals.
v) Note that in order to maintain sound financial discipline a review of unallocated central project funding provisions will be brought to Members following discussions taking place at the bi-lateral meetings.
Supporting documents: