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: