Update on the capital spend against the agreed programme

The Cabinet considered the report of the Interim Director of Finance informing Members of the current position regarding the Council’s 2012/13 to 2014/15 Capital Programme. This report reflected the position as at 31 January and including the decision by Cabinet on 18 February 2013 which approved the 2013/16 capital programme. The report therefore reflected:

·  The re-profiled 2012/13 capital programme budget which incorporates

previous decisions made by Cabinet to amend the programme;

·  The expenditure to date, which continues to be less than it should be;

·  Request for a revision to the capital programme to reflect additional

 slippage of £6.457 million of schemes into the 2013/14 financial year.

•   A reduction in the estimated funding required for Mersey Heartlands

Growth Point of £0.305 million which can now be accommodated within other funding streams.

•  The projected outturn figures for 2012/13, which suggest an

underspend of £0.753 million on the revised programme;

•  The current funding of the programme and its future affordability.

Councillor P.Davies, Cabinet Member for Finance introduced the report and indicated that it was clear that progress had been made towards ensuring the Council had a deliverable programme. In relation to reduction of schemes, he noted that significant progress had been made and thanked the Capital Steering Group for the work undertaken.

RESOLVED:  That

(1)   The revised Capital Programme of £40.539 million be approved;

(2)  Additional net slippage in the programme of £6.277 million from 2012/13 to 2013/14 be approved;

(3)  The reduction in funding of £0.305 million required for Mersey Heartlands be noted;

(4)  The spend to date at Month 10 of £25.309 million, which

represents 62.4% of the revised capital budget, with 83% of the

financial year having elapsed be noted; and

(5)  The work of the Capital Steering Group to detail the schedule of sites to validate the estimate of capital receipts be noted.