To consider the latest projection and ongoing management actions to ensure the Council’s capital programme is delivered to plan.

A report by the Interim Director of Finance informed Members of the current position in relation to the Council’s 2012/13 to 2014/15 Capital Programme and reflected the position as at 28 February 2013.  It also took account of the 2013/16 Programme as approved by Cabinet on 18 February 2013 (Minute No. 204 refers), together with any subsequent growth or slippage items.  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.

• The request for a revision to the capital programme to reflect additional slippage of £3.152 million of schemes into the 2013/14 financial year.

• A reduction in the estimated funding required for the Think Big Investment Fund of £0.121 million.

• The projected outturn figures for 2012/13, which suggest an under spend of £0.690 million on the revised programme.

RESOLVED:

That the Cabinet:

(1)  agrees the revised Capital Programme of £40.539 million;

(2)  agrees additional slippage in the programme of £3.152 million from 2012/13 to 2013/14;

(3)  agrees the increase in the programme for 2012/13 of £0.697 million;

(4)  notes the reduction in funding of £0.121 million required for Think Big Investment Fund;

(5)  notes the spend to date at Month 11 of £27.939 million, which represents 75% of the revised capital budget, with 92% of the financial year having elapsed; and

(6)  notes the work of the Capital Steering Group to detail the schedule of sites to validate the estimate of capital receipts.