To put forward further capital programme proposals following Council’s decision on 7 March 2008 to allocate additional resources to fund prudential borrowing in 2008/09 and 2009/10.

The Cabinet Member (Resources) advised the meeting that the Medium Term Financial Management Strategy for 2008-2011 had been agreed by Council in March and had reflected a commitment for additional investment in capital projects over and above those identified in the capital programme approved by Council at that time.  This amounted to £8.823m.

The report identified for consideration three further spending proposals which related to projects in Hereford, Ledbury and Ross on Wye, all of which supported corporate priorities for promoting regeneration and improving the accessibility and quality of services to the community. 

David Powell, Head of Financial Services outlined the detail of the three proposed projects within the report.  For clarification, he stated that the current costs of the Ledbury Centre were as outlined in the table on page 53 of his report.  It was additionally stated that some funding had been held back pending further information about the funding requirements of other major projects.

Members made the following comments:

• The report was welcomed.  These three significant infrastructure projects had been the subject of effective community consultation.
• In response to a question from a Member in attendance, the Cabinet Member for Economic Development stated that a proposed extension to the Master’s House in Ledbury would contain the library, as the existing building was not DDA compliant.  The scheme proposed has undergone consultation with the community with whom excellent communications are maintained.  Additionally, English Heritage had been consulted and had been made aware of the new extension proposal; tacit approval had been provided with formal approval subject to consideration of plans, which were awaited. 
• In response to a statement from a Member in attendance, the Cabinet Member for Economic Development emphasised the benefit that an additional £751k would bring to the Herefordshire City Centre refurbishment that would allow for an upgrading of current proposals and ensure enhancement of the link between the City Centre and forthcoming Edgar Street Grid development.

RESOLVED

THAT:

(a)   additional capital resources of £440,333, be allocated to the scheme bringing together Ross on Wye Library and Info Services on one site;

(b)   capital resources of £2.92m be allocated to the Masters House scheme in Ledbury

(c)   additional capital resources of £751,000 be allocated to the Hereford City Centre refurbishment; and

(d)   the balance of the additional funding be held pending greater certainty about funding of other major projects.