This report provides the Quarter 2 update as at 30 September 2019 on the progress of the Capital Programme 2019/20 and the Treasury Management position.  A full schedule of the Capital Programme 2019/20 schemes is attached at Annex A of the report, together with the relevant update on progress of each scheme.

In accepting the recommendations, Cabinet will approve and recommend to Council that the net decrease of £14,370,439 in the capital programme to £27,959,045 and all expenditure movements as detailed in Annex B and also in the capital programme attached at Annex A of the report; the increase of capital expenditure funded from earmarked reserves at £807,168 - £177,200 is funded from the Computer fund, £50,000 from the One Off fund, £10,000 from the Economic Development fund, £200,383 is funded from capital receipts, £250,000 from borrowing, £62,000 from Revenue contributions and £57,585 is from external grants/contributions; the funding allocation to the capital programme as detailed in paragraph 3.1 and 3.2 of the report; the Individual Counterparty limits are increased from 30% to 35% as detailed in paragraph 4.11 of the report; the treasury management and prudential indicators at Annex E of the report; and to note the position of the Council’s third party companies at Annex F of the report.

The subject of the decision:

This report provided the Quarter 2 update at 30 September 2019 on the progress of the Capital Programme 2019/20 and the Treasury Management position.  A full schedule of the Capital Programme 2019/20 schemes was attached at Annex A of the report, together with the relevant update on progress of each scheme.

Alternative options considered:

None.

The reason for the decision:

To comply with the requirements of the Local Government Act 2003 and the Chartered Institute of Public Finance and Accountancy (CIPFA) Prudential Code and the CIPFA Treasury Management Code of Practice.

THE DECISION:

That Cabinet approves and recommends to Council:-

(1)     the net decrease of £14,370,439 in the capital programme to £27,959,045 and all expenditure movements as detailed in Annex B and also in the capital programme attached at Annex A of the report;

(2)     the increase of capital expenditure of £807,168 is funded as follows: £177,200 is funded from the Computer fund, £50,000 from the One Off fund, £10,000 from the Economic Development fund, £200,383 is funded from capital receipts, £250,000 from borrowing, £62,000 from revenue contributions and £57,585 is from external grants/contributions;

(3)     the funding allocation to the capital programme as detailed in paragraph 3.1 and 3.2 of the report;

(4)     the Individual Counterparty limits are increased to 35% or £7,000,000 whichever is the highest, as detailed in paragraph 4.11 of the report;

(5)     the treasury management and prudential indicators at Annex E of the report; and

(6)     to note the position of the Council’s third party companies at Annex F of the report.