Decision details

(KEY DECISION)

That the Executive:

a)      Approved the following changes into the capital programme totalling

          £0.352m:

i)    Cannock Road HRA New Build – increase in budget of £0.189m to

£1.036m funded from a combination of Right to Buy Receipts 40% and borrowing under the HRA Programme of 60%. The funding will be made available through a virement from the approved overall New Build HRA Programme.

ii) Council Chamber – purchase of furniture and audio-visual equipment to facilitate full council meetings requiring a budget of £163k to be financed through a virement from the budget for Municipal Offices which is currently not committed.

b)      Noted the request to Council to approve an increase in the budget of £0.666m for the Cheltenham Road HRA New Build to £3.861m funded from a combination of Right to Buy Receipts 40% and borrowing under the HRA Programme of 60%. Council approval is required due to the value of the virement from the New Build HRA Programme budget exceeding £500k.

(Reasons for Decisions)

·                Utilisation of right to buy receipts, which if not spent within four years have to be returned to the Government with interest.

·                To help address the housing need for affordable homes for residents who may not be able to afford private rented homes

·                Provide facilities to enable Council meetings to be broadcast and accommodate the potential number of attendees for each meeting.