The report of the Chief Executive and Deputy Chief Executive and City Treasurer is enclosed.

Councillor Midgely declared a personal interest in this item of business, knowing an employee of Northwards Housing.

Consideration was given to the report submitted by the City Treasurer. The report presented the capital budget proposals before their submission to the Council.

The capital programme 2020/21 to 2024/25 comprised the continuation of the existing programme. For continuing schemes, the position was based on that set out in the report on Capital Programme Monitoring 2020/21, also being considered at this meeting (Minute Exe/21/19 above).

Also included were those future projects which were considered likely to be brought forward, subject to the submission of a successful business case. For any project seeking capital expenditure approval a business case must be drafted, covering:

·         how the project links to the City Council’s strategic priorities, social value, and any statutory requirements;

·         what economic value the project will provide to the City, including social value;

·         funding model, with evidence of cost and capital and revenue implications;

·         timescale for delivery and identification of risks to the project, including legal issues; and

·         what the project will achieve, and the benefits that will be realised.

Details on the projects within the programme were set out in the report and the full list of the proposed projects was appended to the report.

If agreed, then the proposals contained in the report would create a capital programme of £479.6m in 2021/22, £331.8m in 2022/23, £135.1 in 2023/24 and £36.3m in 2024/25. A summary of the programme was:

The proposed funding for the programme in 2021/22 was:

The revenue budget proposals set out in the report on the Revenue Budget 2021/22 included provision to finance this level of borrowing (Minute Exe/21/21 above).

The report explained that a number of schemes which had been developed and were ready for inclusion in the capital programme. Support was given for five capital budget changes. Taken together these schemes would increase the capital Programme by £0.186m in 2020/21 and by £32.495m in 2021/22, funded by external contributions and government grant. Approval was given to:

·         Highways: City Centre (Triangle) Active Travel Fund Scheme – a capital budget increase of £4.0m in 2021/22.

·         Highways: Wythenshawe Active Travel Fund Scheme - a capital budget increase of £1.5m in 2021/22.

·         Growth: Public Sector Decarbonisation Scheme - a capital budget increase of £0.041m in 2020/21 and £22.943m in 2021/22.

·         Private Sector Housing: Social Housing Decarbonisation Fund - a capital budget increase of £0.075m in 2020/21 and £3.045m in 2021/22.

·         Additional Disabled Facilities Grant (DFG) - a capital budget increase of £1.007m in 2021/22.

Decisions

The Executive is requested to:

1.         To approve and recommend the report to Council.

2.         To approve under delegated powers the five capital budget changes set out above.

2.         To note the capital strategy.

3.         To note that the profile of spend is provisional, and a further update will be provided in the outturn report for 2020/21.

4.         To delegate authority to the Deputy Chief Executive and City Treasurer in consultation with the Executive Member for Finance and Human Resources to make alterations to the schedules for the capital programme 2020/21 to 2024/25 prior to their submission to Council for approval, subject to no changes being made to the overall estimated total cost of each individual project.