Issue - meetings

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

1.         To approve the revised capital programme, attached at Appendix A, which includes an amendment to the programme for this quarter of £40,541m, as detailed at point 12 of this report.

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, as at 31st July 2024.

The Executive Leader and Executive Member (Economic Development and Public Service Reform), Councillor Alistair Bradley, presented the report of the Director of Finance. 

The purpose of the report was to set out the outturn financial position of the Council in respect of the capital programme at 31 July 2024, highlighting key issues and explaining key variances, and to provide an overview of various elements of the Council’s Balance Sheet at 31 July 2024. 

The total cost of the Council’s capital investment programme for 2024/25 had increased since the 2023/24 outturn report approved by Executive Cabinet, from £15,253m to £16.152m as at 31 July 2024.  The change reflected variations approved since the last report, along with those contained within the report under consideration.

Members noted that the business rate collection had seen an improvement on previous years with an increase in collection rates. This brought collection lates back in line with levels that would be anticipated at this stage of the year.

Resolved (unanimously)

1.         To approve the revised capital programme, attached at Appendix A, which includes an amendment to the programme for this quarter of £40,541m, as detailed at point 12 of this report.

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, as at 31st July 2024.

Reasons for recommendations

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

Other options considered and rejected

None, it is a requirement to report quarterly on the Capital and Balance Sheet budget monitoring.