Issue - meetings

Cllr Fleur de Rhe-Philipe, Cabinet Member for Finance, Performance and Risk presented a report which updated Cabinet on the capital programme after two months of the 2010/11 financial year.

Cabinet was also asked to consider how to manage the cuts in grant funding from central Government and in this connection was given three options to consider namely to:

• reduce the budgets in the capital programme by the corresponding cut in funding from central Government;
• to retain the highway budgets at the current level in the 2010/11 capital programme which would result in increasing unsupported borrowing levels in 2010/11 to off-set the loss in grant or
• to reprioritise schemes within the capital programme by reducing budgets of other schemes to again off-set the loss in grant.

Members of the Cabinet were asked to consider the three options for future management of the capital programme.

Resolved:

That Cabinet:

1.      note the current position of the 2010/11 capital programme;

2.      note the budget changes in section 1 of Appendix B of the report presented.

3.            give further consideration to how the cuts in grant funding from Central Government could be dealt with in the 2010/11 capital programme for recommendation, if required, to Council through the 3 options identified in the report and outlined above.

Reason for Decision

To inform Cabinet of the current position of the 2010/11 capital programme and identify issues which need to be resolved as a result of cuts in funding from Central Government.