Decision details
Financial Monitoring - Capital
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Decisions:
The Interim Director of Finance reported upon the current position regarding the Council’s 2012/2013 to 2014/2015 Capital Programme. His report reflected –
· the re-profiled 2012/2013 Capital Programme budget which incorporated previous decisions made by the Cabinet to amend the programme;
· the expenditure to date, which continued to be less than it should be;
· request for a revision to the Capital Programme to reflect slippage of £2.810 million of schemes into the 2013/2014 financial year;
· request for an increase in the programme of £0.530 million for schemes requiring no unsupported borrowing.
· the reduced cost of £0.673 million for the refurbishment of Wallasey Town Hall, of which £0.210 million impacted on 2012/2013;
· the projected outturn figures for 2012/2013, which suggested an underspend of £3.573 million on the revised programme;
· the current funding of the programme and its future affordability.
The Interim Director highlighted that the Capital programme was reliant on the Council generating a limited amount of capital receipts to finance the future Capital Programme schemes. The Capital Receipts Reserve at 1 April 2012 contained £9.2 million of receipts and the current capital programme assumed that £3 million a year would be drawn from this reserve over a three year period
Resolved – That Cabinet –
(a) Agrees the revised Capital Programme of £49.185 million.
(b) Agrees slippage in the programme of £2.810 million from 2012/2013 to 2013/2014.
(c) Agrees an increase to the programme of £0.530 million for Birkenhead Girls Academy which does not require unsupported borrowing.
(d) Notes the spend to date at Month 8 of £20.200 million, which represents 41.1% of the revised capital budget, with 67% of the financial year having elapsed.
(e) Notes the work of the Capital Steering Group to detail the schedule of sites to validate the estimate of capital receipts.
Publication date: 29/01/2013
Date of decision: 24/01/2013
Decided at meeting: 24/01/2013 - Cabinet
Effective from: 06/02/2013
Accompanying Documents: