To insert a new proposition as follows:
“To direct the Policy & Resources Committee (having consulted with States’ Members and such as other stakeholders as the Committee shall see fit) to submit for approval no later than 31st March 2024 to the States funding options, including borrowing if appropriate, for the capital portfolio (including the Transforming Education Programme (TEP,)) which are both affordable and sustainable (having considered among other things the capital portfolio delivery timelines, the interaction of projects, cashflows and financing costs), pending which:
a) TEP shall be part of the capital portfolio and the Committee shall be authorised using delegated authority to continue to fund the ongoing costs of delivery of the TEP from General Revenue Reserve;
b) “and including a contingency of £30m to cover any additional inflationary pressures” shall be rescinded from Resolution 6 on item V, entitled “Funding & Investment Plan, 2023/101”, of Billet d’État No. XVII dated 2nd October 2023;
c) the Committee shall not be permitted to exercise the authority granted to the Committee in Resolution 16 on item 1, entitled “Government Work Plan 2021-2025, 2021/71”, of Billet d’État No. XV dated 21st June 2021, to take out new borrowing to a maximum of £200m, other than that required in respect of the Our Hospital Modernisation Programme – Phase 2 following Resolution 6 on item V, entitled “Funding & Investment Plan, 2023/101”, of Billet d’État No. XVII dated 2nd October 2023” not exceeding £70m
d) it is noted that all committees, in delivering the outcomes and objectives of capital projects, remain responsible in overseeing those projects for seeking opportunities from value engineering or any other capital or recurring revenue savings.”
