Capital Funding – to consider a series of capital funding bids and associated budget adjustments.
Minutes:
(A) Capital Funding
The Court was recommended to approve additional budgetary provisions of up to £8.463m to fund six schemes agreed for progression outside of the Fundamental Review, namely:
· Corporate IT Service Contract – Outsourcing Transition
· Three Police IT Modernisation Projects (Managed Desktop, Security Zone, and Intranet and Sharepoint delivery)
· Electrical supply works at Walbrook Wharf for electric vehicle charging
· Urgent mechanical and electrical systems works at Walbrook Wharf
These schemes had been approved by the Policy & Resources Committee and Resource Allocation Sub-Committee, following which, the Finance Committee had approved the requisite revisions under urgency procedures. In-year budget adjustments of this nature were required to be considered by the Finance Committee, which was responsible for making subsequent recommendations concerning budget adjustments to the Court.
Resolved – That Members:-
· Approve an allocation of up to £8.463m from the reserves of the relevant funds (as outlined in the report) to allow the six identified schemes to progress.
· Note that this year’s capital funding bids will be assessed initially against the existing prioritisation criteria, pending new criteria to be developed via the Fundamental Review.
Supporting documents: