Capital Budget Amendment
Submitted for Main Council Meeting scheduled for 23 February 2023
Proposer: Cllr Eleanor Laming Seconder: Cllr Jan Davis
Background to the Amendment
Broadland District Council could increase the number of houses retrofitted with energy efficient measures, thus helping some residents who are on low incomes or poorly insulated houses but are not eligible for current schemes. Funding would assist them with the cost of living by reducing energy bills, and would boost the local economy by employing local fitters.
It is proposed that the council reduces the capital set aside to fund Broadland Growth (2023-2025) to £5m, and ringfences £2m for the purpose of providing a programme to retrofit houses in the district, which are not eligible for government grant funding, with appropriate energy efficient measures.
It is proposed that the remaining £5m allocated for Broadland Growth would be redistributed in the Capital Programme with £2m in 2023/24 and £3m in 2024/25.
The design of the exact programme would be delegated to the Assistant Director of Individuals and Families to ensure value for money and to target assistance to residents in most need. Approval and fair allocation would be key and a grants-based system could be used, or alternatively a loan-based system with criteria surrounding repayment periods and interest rates etc. which would have the benefit of bringing some income back to the council.
As a fund for residents, it would be regarded as a revenue fund, so each year, grants or loans would be provided to residents to insulate their homes, using accredited installers.
Broadland Growth is form of investment where the council stands to get a commercial return from the total £7m (2022-2025) loaned for various projects. So ideally the proposed programme would demonstrate payback for the council.
At the moment, Broadland Growth has no projects in the pipeline. The value of the allocated capital will fall with time and some could be spent now to help residents who are currently struggling. Appropriate retrofitting has a pay-back benefit in terms of fuel economies in the future.
Rodney Fincham, Assistant Director of Finance has been consulted on the financial implications of this proposal. He has confirmed that the budget (as amended) would still be robust and would still leave the council with adequate reserves.
Mike Pursehouse, Assistant Director for Individuals and Families is also aware of this proposal, and has indicated that the Warm Homes team is set up to deliver this type of agenda.
Amendment
1) Council reduces the capital set aside to fund Broadland Growth (2023-2025) to £5m, and ringfences £2m for the purpose of providing a programme to retrofit houses in the district.
2) Council redistributes the remaining £5m allocated for Broadland Growth in the Capital Programme by allocating £2m in 2023/24 and £3m in 2024/25.
3) Council delegates the design of the exact programme to the Assistant Director of Individuals and Families.
This budget amendment was voted on and lost, but triggered a debate which can be watched on You Tube from 41 minutes in on
https://www.youtube.com/live/5q1GxLkKmfg?feature=share
