Agenda item

This report summarises the proposed 2018/19 capital programme and a provisional programme for 2019-21. Committee approval is sought for the programme to be submitted to Council in February 2018.

The Committee:

(1)          Submitted the Capital Programme for 2018/19 as identified in section 4 of the report to Council for approval on 20 February 2018;

(2)          Agreed that if the Department for Communities and Local Government (DCLG) implemented Minimum Revenue Provision (MRP) changes that reduced the level of revenue funds available to support the Capital Programme, any affected scheme should proceed but revert to funding from capital receipts as set out in section 9 of the report.

A report was presented to the Committee that set out its proposed Capital Programme for 2018/19.

The Chairman clarified that in order to slow the depletion of reserves, the Financial Policy Panel had only supported the possibility of using any surplus revenue funds, arising principally form dividend income received from the Epsom & Ewell Property Investment Company (EEPIC) to fund the capital programme in 2018/19.

The report set out that the Financial Policy Panel had recommended the following schemes for inclusion in the capital programme, £489,000 to be funded from capital reserves and £35,000 to be funded from revenue subject to the risks associated with Government proposals currently out to consultation in relation to changes to Minimum Revenue Provision (MRP):

·                     Health and Safety improvements at Ashley Centre Car Park (£165,000 to be funded from capital reserves).  It was noted that a cost/benefit analysis/risk assessment had been undertaken in relation to the extent of fencing works to be undertaken as part of this overall project;

·                     Repairs to St. Mary’s Churchyard flint faces wall (£77,000 to be funded from capital reserves).  This was the statutory responsibility of the Council.

·                     The upgrade of levels 4a and 4b of the Ashley Centre Car Park with deck shield waterproof coverings (£227,000 to be funded from capital reserves)

·                     Energy improvements to the lighting at Hudson House (£20,000 to be funded from capital reserves). It was noted that this was also an investment to the benefit of residents.

·                     The upgrade of Car Park credit card machines (£35,000 to be funded from revenue subject to any changes in the MRP).

Accordingly, the Committee:

(1)          Submitted the Capital Programme for 2018/19 as identified in section 4 of the report to Council for approval on 20 February 2018;

(2)          Agreed that if the Department for Communities and Local Government (DCLG) implemented Minimum Revenue Provision (MRP) changes that reduced the level of revenue funds available to support the Capital Programme, any affected scheme should proceed but revert to funding from capital receipts as set out in section 9 of the report.