Decision details

Agreed:-

(1)     that the Capital Programme for Borough Economy is increased by £3,146,520 for 2022/23 to fully fund the programme of work needed to stabilise the condition of highway infrastructure and mitigate the effects of the next severe winter taking into account inflation in 2022/23;

(2)     that a surplus of £1,000,000 of capital funding currently allocated to Friar Park from the Regeneration and Growth Capital Project Support Reserve be transferred to Borough Economy to offset the capital requirement recommended in 1.1;

(3)     that the residual capital requirement for 2022/23, after the use of Friar Park Capital, of £2,146,520 is funded from Corporate Main Programme resources with any prudential borrowing finance charges addressed within the Medium Term Financial Plan;

(4)     that the Capital Programme for Borough Economy is increased by £5,435,880 for 2023/24 to stabilise the red risk condition of highway infrastructure, taking into account inflation and to mitigate the effects of the next severe winter in accordance with the Highway Infrastructure Asset Management Policy, Strategy and Plan;

(5)     that the capital requirement for 2023/24 of £5,435,880 is funded from Corporate Main Programme resources with any prudential borrowing finance charges addressed within the Medium Term Financial Plan;

(6)     that a further report to update Cabinet is submitted in September 2023 after the Highway Infrastructure condition is reviewed in summer 2023 to identify future budget requirements from 2024/25 onwards for the risk assessed replacement of red risk Highway Infrastructure when the inflation outlook has stabilised and when the effects of the 2022/23 winter have been determined.