Decision details

(1)     That the Capital Programme for Borough Economy is reprofiled to provide a capital highway allocation of £3,602,000 for 2023/24 with the remaining balance of £2,981,000 (existing capital highway allocation of £6,583,000 less 2023/24 requirement of £3,602,000) carried forward to 2024/25.

(2)     That up to £500,000 of preventative maintenance work currently treated as revenue expenditure be capitalised and funded as part of the allocation of £3,602,000 in resolution (1).

(3)     That up to £500,000 of revenue released in resolution (2) is earmarked for use in 2023/24 for potential revenue pressures and risks associated with energy inflation, supplies and services inflation and increased gritting in the event of a severe winter.

(4)     That capital resources of £1,901,550 be allocated in 2024/25 in addition to the £2,981,000 of Highway Capital Programme funding re-profiled from 2023/24 giving a total budget requirement of £4,882,550 for 2024/25.

(5)     That after the use of unspent capital from existing allocations the additional capital requirement for 2024/25 of £1,901,550 is funded from Corporate Main Programme resources, with any resulting prudential borrowing finance charges funded within Highways revenue budget and should additional borrowing be required to fund the additional capital budget requested, it is estimated that this would result in additional revenue costs to the council of £167,535 per annum over an 18 year period, with these costs being funded within Highways revenue budgets.

(6)     That a further report to Cabinet is submitted in Autumn 2024 after the Highway Infrastructure condition is reviewed in Summer 2024, to identify the budget that would be required in 2025/26 in order to address the replacement of red risk Highway Infrastructure.