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 in point 12 to 14 of this report, since the last Capital Monitoring report was approved by Cabinet in February 2023.

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 March 2023.

Councillor Peter Wilson, Executive Member for Resources presented the report of the Director of Finance which outlines the financial position of the Council in respect of the capital programme at 31 March 2023, highlighting key issues and explaining key variances, and to provide an overview of various elements of the Council’s Balance Sheet at 31 March 2023.

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 subsequent quarterly Capital Monitoring Reports through to Quarter 3 at 31 December 2022 to £15.8m. Following the changes detailed in this report, the total programme for 22/23 now stands at £13.5m. Members noted that the total cost of the Council’s capital investment programme for 2022/23 has decreased since the Quarter 3 report approved by Executive Cabinet, from £15.8m to £13.5m as at 31 March 2023.

Members requested an update on progress at Brinscall Baths, including when it was likely to be fully open and the potential impact on the capital programme. Members were advised that the required structural improvement works were not as significant as initially anticipated following a further assessment on the structure of the pool. It was therefore being proposed that some of the surplus budget be used to improve the user experience at the site. Following commissioning of the work and going out to tender it was hoped that the works will be completed later this year.

Decision:

1.    To approve the revised capital programme as attached at Appendix A, which includes approved amendments to the programme, as detailed in point 12 to 14 of this report, since the last Capital Monitoring report was approved by Cabinet in February 2023.

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 March 2023.

Reasons for recommendations

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

Other options considered and rejected

None.