Decision details

RESOLVED that Cabinet:

A     Noted the progress in the delivery of the Council’s Housing and Non Housing Capital Programmes as at Quarter 2 as follows:

             i)        The Housing Capital Programme (HCP) current budget is £48.642 million following the amendments approved by Cabinet in September 2020. The projected outturn is currently £31.968 million.

            ii)        The Non-Housing Capital Programme (NHCP) current budget is £15.175 million following the amendments approved by Cabinet in September 2020. The projected outturn is currently £15,124 million.

B    Approved the inclusion in the 2020/21 HCP an additional  £1.8 million to finance newly required cladding at Joyners Field Towers (61-88) and (95–122) to meet updated fire safety advice and obtain the latest  fire safety certificates. This capital expenditure is to be financed from HRA making a direct revenue contribution.

C    Approved the removal from the HCP the £1.305 million Readings new build project because it is no longer affordable and reallocate the resources to other new build projects which are being developed and submitted for approval in the future.

D    Approved the inclusion in the 2020/21 NHCP an additional provision of £1.5 million to finance the equity shareholding and loan to HTS Ltd previously approved under delegated authority by the Chief Executive on the 24 April 2020 and reported to Cabinet on the 10 September 2020. The purpose of this expenditure being for HTS Ltd to purchase five properties for which the Council has nomination rights.

E     Approved the inclusion in the 2020/21 NHCP an additional provision of £1 million to finance the East Gate project. This project is funded by the Ministry for Housing, Communities and Local Government Towns Fund accelerated Funding grant.

F     Approved the inclusion in the 2020/21 NHCP an additional provision of £122,000 to finance the upgrading of the existing IT equipment which is essential to cope with the Covid-19 pandemic.

G    Approved the inclusion in the 2020/21 NHCP an additional provision of £1.25 million to support the Future High Streets Fund bid as set out in the report.

H    Approved the proposed re-profiling of capital budgets as set out in the report.