Investment Programme 2020-21 to 2024-25 EXE21-003.
Reporting Person – Leigh Clarke
The Executive received the Investment Programme 2020-21 to 2024-25 which set out the capital and one off investments required to deliver the Council’s key strategies and objectives. The Portfolio Holder, Councillor Ashall, stressed the high degree of uncertainty around Council finances and advised that it had been necessary to temporarily suspend projects which had not yet been committed. The Portfolio Holder made clear that the Investment Programme had not stopped and that the Council continued to progress projects across service areas. However, due to the level of uncertainty as a result of the Covid-19 pandemic, it was not possible to guarantee current projects would remain capable of being progressed in the future. The Executive noted that it was hoped that greater certainty in the form of government support or the end of the pandemic would make it possible to re-instate projects.
REcommended to Council
That (i) the Investment Programme 2020/21 to 2024/25 be approved subject to reports on projects where appropriate;
(ii) the proposed financing arrangements be approved;
(iii) Thameswey Developments Ltd be authorised to take long term annuity funding, up to 50 years, for the Sheerwater project through its £115m facility with loans permitted to transfer to Thameswey Housing Ltd as the project progresses. The total long term loans drawn by the Thameswey Group for the Sheerwater project should not exceed the long term facility of £290m previously agreed (excluding THL revolving facility and TEL facility); and
(iv) a capital grant of £300,000 and revenue grant of £150,000 for 2021/22 be approved for Brookwood Cemetery.
Reason: To recommend to the Council that it approves the capital resources for 2020/21 onwards considered necessary to support its service plans and objectives.