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 and 12 of this report, since the last Capital Monitoring report was approved by Cabinet in February 2022. Two items are to be approved within this report:

·         £46k increase to Health Hub – Whittle Surgery to reflect the final costs of this scheme.

·         £104k Chorley Adaptation Grant to reflect an increase in the grant funding allocation to the Council.

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 31st March 2022.

Peter Wilson, Executive Member for Resources presented the report of the Director of Finance which outlines the outturn financial position of the Council in respect of the capital programme at 31 March 2022, highlighting key issues and explaining key variances, and to provide an overview of various elements of the Council’s Balance Sheet at 31 March 2022.

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 two monitoring report and reduced further to £28.6m at quarter three. Members noted that the total cost of the Council’s capital investment programme for 2021/22 has decreased since the quarter 3 monitoring report approved by Cabinet, from £28.6m to £23.9m as at 31st March 2022.

Decision:

1.    To approve the revised capital programme as attached at Appendix A, which includes approved amendments to the programme, detailed at point 11 and 12 of this report, since the last Capital Monitoring report was approved by Cabinet in February 2022. Two items are to be approved within this report:

·         £46k increase to Health Hub – Whittle Surgery to reflect the final costs of this scheme.

·         £104k Chorley Adaptation Grant to reflect an increase in the grant funding allocation to the Council.

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 31st March 2022.

Reasons for recommendations:

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

Other options considered and rejected:

None.