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, detailed at point 11 of this report, since the last Capital Monitoring report was approved by Executive Cabinet in November 2021;

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 December 2021.

On Behalf of Councillor Peter Wilson, Executive Member (Resources), Councillor Alistair Bradley, Executive Member (Economic Development and Public Service Reform), presented the report of the Director of Finance which outlines the overall financial position of the Council in respect of the capital programme as at 31 December 2021, highlighting key issues and explaining key variances over the first six months of the year, and provides an overview of various elements of the Council’s Balance Sheet as at 31 December 2021.

The capital budget for 2021/22 was set at £38.1m at Council in February 2021. This was increased following approval of the 2020/21 outturn to £46.2m. The monitoring report as at 31st July 2021 increased the total budget to £46.6m. This was reduced to £42.6m in the quarter 2 monitoring report, approved at Cabinet in November 2021. Members noted that the total cost of the Council’s capital investment programme for 2021/22 has decreased since the quarter 2 monitoring report approved by Executive Cabinet, from £42.6m to £28.6m as at 31st December 2021.

Decision:

1.    To approve the revised capital programme as attached at Appendix A, which includes approved amendments to the programme, detailed at point 11 of the report, since the last Capital Monitoring report was approved by Executive Cabinet in November 2021;

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 December 2021.

Reasons for recommendations:

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

Other options considered and rejected:

None.