Issue - meetings

Councillor Russell Holland, the Cabinet Member for Commercialisation, Education, and Skills along with the Corporate Director of Finance and Assets, submitted joint report to provide an update to the Capital Strategy and report new capital investment requirements through to 2025/26.

Councillor Holland introduced the joint report and the tabled the following additional recommendation: ‘To allocate £5m to the 2021/22 Capital Programme to be used as part of a leisure opportunity in Swindon, subject to the approval of a business case by Cabinet identifying the source of funding and setting out how this can be achieved at no additional cost to the Council’s revenue budget.’

Councillors Jim Grant and Bob Wright asked a range of questions to which Councillor Holland and the Leader responded at the meeting.

        i.            How will this £5m be funded? This would have to be addressed in any business case. If agreed, it would form part of the Capital Financing Requirement

       ii.            Is this money for the strictly for the Oasis? The Council cannot act as a ‘white knight’ or speculative but would continue to work with Seven Capital and GLL. The amount would be to be to facilitate leisure opportunities across Swindon.

     iii.            Are the issues delaying the SnowDome related to Brexit or Covid-19? The leisure sector has been affected harshly by Covid, which has had an impact on both GLL and the SnowDome proposal.

     iv.            Would the money be ring-fenced for leisure? It would be linked only to a specific business case. If that did not come forward, the money would not be borrowed.

       v.            Why was the money not identified before now? This is the correct time as Council will be considering the budget for the next financial year in February 2021.

     vi.            How would the Council be repaid for this money, would it be a loan or an investment? This would have to be addressed in the business case as happens with other uses of Council borrowing.

   vii.            Would the Council be able to pay more? Yes if, and only if, there was a business case that justified the spending.

 viii.            How was the figure of £5m reached? This was based on the Council’s previous knowledge and experience.

Councillor Dale Heenan, Cabinet Member for the Town Centre, Culture, and Heritage, pointed out how Covid-19 had already delayed a listing application to Historic England. He also informed colleagues about the range of work to support leisure across the Borough.

Resolved: (1) That it be recommend that Council approves (Minute for Confirmation):

(a) The additions to the Capital Programme and funding sources for the schemes set out at Appendix 1;

(b) That the budget for the Bus Boulevard be increased to £33m following the award of £25m Future High Streets grant as detailed in paragraph 3.8;

(c) Entering into a funding agreement with the Swindon & Wiltshire Local Enterprise Partnership for £4m of Getting Building capital grant as detailed at paragraph 3.9;

(d) That further updates to the Capital Programme can be approved by  ...  view the full minutes text for item 45