Capital Monitoring 2012/13 - Month 7 (October)
Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
The Interim Director of Finance reported upon the current position regarding the Council’s 2012/13 to 2014/15 capital programme. The report reflected:
· The re-profiled 2012/13 capital programme budget which incorporated the decision made by Cabinet on 29 November 2012 (minute 136 refers) to cease or reduce a number of schemes within the programme;
· 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 £2.632 million of schemes into the 2013/14 financial year;
· A request for an increase in the programme of £0.3 million for schemes requiring no unsupported borrowing.
· The projected outturn figures for 2012/13, which suggested an underspend of £2.552 million on the revised programme.
· The current funding of the programme and its future affordability, which was subject to a review.
Resolved – That Cabinet:
(1) Agrees the revised Capital Programme of £51.660 million.
(2) Agrees slippage in the programme of £2.362 million from 2012/13 to 2013/14.
(3) Agrees an increase to the programme of £0.3 million for a Finance scheme (Moreton Library/One Stop Shop) which does not require financing from unsupported borrowing.
(4) Notes the spend to date at month 7 of £17.279 million, which represents 33.4% of the revised capital budget, with 58% of the financial year having elapsed.
(5) Notes the work of the Capital Steering Group to detail the schedule of sites to validate the estimate of capital receipts.
(6) Notes the inclusion within this report of the programme changes agreed by Cabinet on 29 November 2012 of ceased or reduced schemes totalling £30.755 million and consequent annual revenue savings of £2.3 million arising from a review of the current capital programme.
Publication date: 08/01/2013
Date of decision: 20/12/2012
Decided at meeting: 20/12/2012 - Cabinet
Effective from: 16/01/2013