Issue - meetings

To receive and consider the report of the Director of Finance.

1.    To approve the revised capital programme as attached at Appendix A, which includes approved amendments to the programme, as detailed at point 12 of this report, since the last Capital Monitoring report was approved by Cabinet in November 2022.

2.    To note the variations to the programme (which are detailed by scheme at Appendix B and referenced within the body of the report);

3.    To note the position in the Balance Sheet monitoring section of the report, in respect of cash, investment and loan balances and debtors, at 31 December 2022.

Councillor Peter Wilson, Executive Member for Resources presented the report of the Director of Finance which sets out the financial position of the Council in respect of the capital programme at 31 December 2022, highlighting key issues and explaining key variances, and provides an overview of various elements of the Council’s Balance Sheet at 31st December 2022.

The capital budget for 2022/23 was set at £24.2m at Council in February 2022. This was increased following approval of the 2021/22 outturn to £32.2m, then further amended in the Capital Monitoring Report as at 31 July 2022 to £27.6m. This was then reduced to £25.5m in the Quarter 2 Capital Monitoring report, approved at Executive Cabinet in November 2022. Following the changes detailed in this report, the total programme for 22/23 stands at £15.8m.

Members noted the revised capital programme to include an increase of £2m for the purchase of affordable housing and £14k for the play and open space at Longfield Avenue. A re-profiling of budgets between 2022/23 and 2023/24 has been undertaken and the total movement of budgets from 2022/23 amounts to £11.663m. As at 31 December, the actual capital expenditure across the programme was £9.763m, which represents 61% of the total forecast programme spend for 22/23.

Decision:

1.    To approve the revised capital programme as attached at Appendix A, which includes approved amendments to the programme, as detailed at point 12 of this report, since the last Capital Monitoring report was approved by Cabinet in November 2022.

2.    To note the variations to the programme (which are detailed by scheme at Appendix B and referenced within the body of the report);

3.    To note the position in the Balance Sheet monitoring section of the report, in respect of cash, investment and loan balances and debtors, at 31 December 2022.

Reasons for recommendations

To ensure the Council’s Capital Programme is monitored effectively.

Other options considered and rejected

None.