Meeting documents

a) notes the current position of the 2004/2005 capital programme;

b) approves the adjustments to and incorporation of additional funding to the 2004/2005 programme as detailed in paragraph 4.1;

c) notes the current position of available resources.

St Johns Court Bath- approval was given by the Executive Members for Resources and Housing and Community Safety and Consumer Services in October to proceed with the redemption of the loan from Prudential Insurance and the acquisition of the freehold of St Johns Court Bath. This is necessary to rationalise the complex financial and ownership issues affecting this property in order to continue with the Elderly Peoples Homes Re-provision Programme. In order to refinance the loan by way of borrowing, an amount of £6,855,000 is being added to the capital programme. However this is just a technical requirement of the Prudential Code of Practice so that we can borrow the funds to redeem the current loan. The overall effect on the authority's finances is minimal as the present loan is already being funded from revenue.

Transportation, Access and Waste Management - have been allocated an additional £490,000 of Supported Borrowing Approval for stabilisation works at Hinton Hill.

Social Services have been allocated Government grant of £51,845 for Building Safer Communities.

Invest to Sustain - £7,000 of revenue contribution to capital for the Roman Baths has been deleted from the programme.

4.2 The recent audit of the 2003-04 accounts shows that £190,000 of expenditure may have been incorrectly capitalised. This is a technical issue which has not yet been finalised. If the expenditure is disallowed as capital it will mean that £190,000 will be charged to revenue in 2003-04 but will give us extra capital resources.

4.3 Spend to the 30^th September totalled £15.18million (£12.5million net of grant funded Stone Mines expenditure and Bath Communities grant funded expenditure or 82% of profiled spend). Profiled spend to 30th September, excluding grant funded Stone Mines expenditure, was £15.35million.

4.4 Details of the current programme are given in Appendix 1.

5 RESOURCES

5.1 Details of revised resources are as follows:

5.2 A Capital Programme Review report was presented to Council on 18^th November which includes the capital resources available.