To consider the Quarter 3 position in relation to the Capital Plan Budget.

The Board considered a report on the Council’s capital investment plan and the position as at the end of Quarter 3 of the 2014/2015 financial year.

The Board questioned the rationale behind the recommendation to extend the period of prudential borrowing for the replacement beach chalets at Meadfoot Beach from 25 to 35 years.  The Board also asked questions on the business case for replacing the chalets at Oddicombe Beach and highlighted that work appeared to have started before Council had agreed to undertake further prudential borrowing.

Resolved:  (i)  that additional information be prepared and presented to the Council in its consideration of the Quarter 3 Capital Investment Plan update report in relation to:

·        The business case for the replacement and enhancement of the beach chalets at Oddicombe Beach;

·        Confirmation of whether the work on the Oddicombe Beach Chalets has commenced prior to Council approval being given to increasing the Council’s level of Prudential Borrowing; and

·        The return costs associated with the works at the base of Princess Pier; and

(ii)  that Council re-confirm its position that any additional Prudential Borrowing must be backed by a clear Business Case.