That Cabinet recommends to Council:

1.         That Council notes the revenue outturn position and approves the transfer of the £0.678m end of year surplus as follows:

·         £400k transferred to an earmarked capital reserve to assist with delivery of the Capital Investment Programme.

·         The balance transferred to the Comprehensive Spending Review (CSR) reserve and used to fund one off activities to accelerate the delivery of Operation Brighter Bay

2.         That Council approve the addition of the Paignton and Preston coastal defence project, into the Capital Investment Plan at a value of £17.515m, subject to:

a)      securing the required funding from the Environmental Agency (£9.441m), and

b)      production of a compliant Full Business Case being discussed and supported at Capital Growth Board and approval from Cabinet (Outline Business Case attached as Appendix 4).

3.         That delegated authority be given to the Divisional Director of Economy, Environment and Infrastructure in consultation with the Section 151 officer and Portfolio Holder for Finance and Housing to award the contract of works for the delivery of the Paignton and Preston coastal defence project. 

4.         Following receipt of £20m grant funding from the round 3 of Levelling Up Funds (LUF3) approval is given for feasibility funding to progress the following projects to the next stage:

4.1 Brixham port infrastructure project. Initial allocation of £75k to be drawn down for feasibility works.

4.2 Paignton tec park project - Initial allocation of £85k to be drawn down for feasibility works.