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.  The report reflected:

·  The re-profiled 2012-13 capital programme budget;

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

·  The projected outturn figures for 2012-13, which suggested slippage of at least £11m and,

·  The current funding of the programme and its future affordability, which in the light of the Revenue monitor required review.

The report sought approval for a proposed increase in the programme of £676,000 per annum between 2012/13 and 2014/15.  This was to deliver a number of sustainable transport measures which would be financed from a specific capital grant.

Councillor P Davies welcomed the report and asked if any action could be taken in relation to unsupported borrowing. Councillor P Davies further indicated that that he welcomed the schemes contained within appendix two of the report.

Mr Graham Burgess, Chief Executive sought approval from the Cabinet to release the Moreton Library and One Stop Shop re-modelling scheme and Rock Ferry Centre re-modelling scheme from the current spending freeze.

RESOLVED: That

(a)  the Period 4 increase of £1.789 million to the to the latest 2012-13 Capital Programme as detailed in Appendix 1 to the report be approved;

(b)   the revised Capital Programme of £74.473m be approved;

(c)  the spend to date at month 5 of £12million, which represented 16.1% of the revised capital budget, with 42% of the financial year having  elapsed be noted;

(d)  the £48.8m of new unsupported borrowing included over the next three years, which would result in approximately a £4.9m additional revenue costs be noted;

(e)  the work to detail the schedule of sites to validate the estimate of capital receipts be noted; and

(f)  note that a future report would include proposals to cease or reduce schemes arising from a review of the current capital programme; and

(g)  the release of the Moreton Library and One Stop Shop re-modelling scheme and Rock Ferry Centre re-modelling scheme from the current spending freeze be approved.