Agenda item

Report of the Chamberlain.

The Committee considered a Report of the Chamberlain concerning Capital Funding and the prioritisation of 2022/23 Annual Capital Bids.

A Member asked for clarity on the funding for the St Paul’s Cathedral External Lighting, namely whether the £1.16m cost could be covered in full by a combination of Section 106 and Community Infrastructure Levy (CIL) funds. The Chairman asked the Chamberlain to revert to the Member after the meeting on this issue.

RESOLVED – That the Committee:

• Noted the revised total value of 2022/23 bids of £45.6m (subject to final confirmation).

• Agreed that the revised bids relating to three schemes detailed in paragraph 6 be rated as green, subject to final approval of the amount for the St Paul's Gyratory revised bid.

• Confirmed the proposed final RAG rating of £26.2m green, £12.6m amber and £6.8m red (detailed in the appendices).

• Agreed that funding for the green bids of £26.1m be agreed in principle and incorporated into the medium-term financial plans of City Fund and City’s Cash (noting that the balance of £0.1m has already been agreed by the BHE Board).

• Noted that amber and red bids will be deferred with amber-rated bids to be placed on a reserve list to be progressed if savings are later identified from the provisions for green bids.

• Agreed that the financial disciplines currently in place be continued, whereby

o central funding will be withdrawn for schemes that slip by more than one year; and

o the ‘one-in, one-out’ approach to funding of bids outside of the annual process be operated.

• Agreed to the carry- over of the unallocated provision of £27.7m of loan facilities previously agreed for the Police and HRA.