Capital Monitoring 2012/13- Period 6 (September)
Decision Maker: Cabinet
Decision status: Recommendations approved
Is Key decision?: Yes
Is subject to call in?: Yes
A report by the Interim Director of Finance informed the Cabinet of the current position regarding the Council’s 2012-13 to 2014-15 Capital Programme. The Interim Director’s report reflected the following:
· the re-profiled 2012-13 capital programme budget;
· the expenditure to date, which continued to be less than it should be;
· a request for a revision to the Capital Programme to reflect slippage of £10m of schemes into the 2013/14 Financial Year;
· a request for an increase in the Programme for schemes requiring no unsupported borrowing;
· the projected outturn figures for 2012-13, which suggested an under spend of £12m on the revised programme; and
· the current funding of the Programme and its future affordability, which was subject to a review.
Appendix 1 to the report detailed Capital Freeze Projects considered during October 2012.
Councillor Phil Davies welcomed the work being undertaken to ensure a more robust Capital Programme. He also welcomed:
(a) the schemes that had been supported;
(b) the Capital Steering Group that had been established; and
(c) the work to maximise capital receipts.
Items involving capital and revenue would continue to be scrutinised when they were put forward.
(1) the Cabinet:
(a) agrees the revised Capital Programme of £65.609m;
(b) agrees slippage in the programme of £10.025m from 2012/13 to 2013/14;
(c) agrees an increase to the programme of £0.855m for Regeneration, Housing and Planning schemes which do not require financing from unsupported borrowing and in respect of use of a Children and Young People Aiming High for Disabled Children grant of £0.3057m;
(d) notes the spend to date at month 6 of £14.3m, which represents 21.8% of the revised capital budget, with 50% 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; and
(f) notes that a future report will include proposals to cease or reduce schemes arising from a review of the current capital programme.
(2) the Cabinet also agrees the rejected freeze items set out in Appendix 1 in the columns ‘rejected’ totalling £899,610 as evidenced in paragraph 2.15 of the report.
Report author: Peter Timmins
Publication date: 15/11/2012
Date of decision: 08/11/2012
Decided at meeting: 08/11/2012 - Cabinet
Effective from: 23/11/2012