Councillor Phil Davies introduced a report by the Director of Resources which set out the capital position for 2014 to Month 6 (September 2014) and the Cabinet noted that a number of variances had, been identified which would impact on the outturn (Table 2).  The report provided information which outlined the 2014/15 Capital Programme and the sources of financing.

The Cabinet noted, in particular, that the re-profiling of the Capital Programme following a half year review, plus previously agreed changes had reduced the borrowing requirement for 2014/15 by £8.8 million.  The slippage would result in a one-off financing saving in 2014/15 of £800,000.  Consequently, Councillor Phil Davies thanked everyone who had been involved with this.  The full budget would be required in 2015/16 when the re-profiled expenditure occurred.

Appended to the report were the Revised Capital Programme and Funding and Capital Receipts.

RESOLVED: That

(1)  the spend to date at Month 6 of £12.7 million, with 50% of the financial year having elapsed be noted; and

(2)  the revised Capital Programme of £46.7 million be agreed.