Issue - meetings

Executive Board considered the attached report.

RECOMMENDED: That the revisions to the Council’s 2017/18 Capital Programme set out in paragraph 3.2  be approved.

          The Council considered a report of the Operational Director, Finance, on the 2017/18 Revised Capital Programme.

          The Capital Programme had been revised to reflect a number of changes in spending profiles and funding, as schemes had developed and which were listed in the report.

          RESOLVED: That the revisions to the Council’s 2017/18 Capital Programme set out in paragraph 3.2 of the report, be approved.

The Board considered a report of the Operational Director, Finance, which summarised the overall revenue and capital spending position as at 30 June 2017.

In overall terms, revenue expenditure was £0.808m above the budget profile. It was reported that based on current spend patterns, projections showed that the Council would have a year-end outturn overspend position ranging between £3m and £3.5m, if no corrective action were taken. The main budget pressure facing the Council continued to be within the Children and Families Department, in particular out of borough residential placements and fostering.

The Capital Programme had been revised to reflect the number of changes in spending profiles and funding as schemes had developed; a list of those schemes that had been revised were set out in the report. Capital spending at 30 June 2017 totalled £39.4m which was 99% of planned spending at this stage. This represented 33.8% of the total Capital Programme of £116.4m.

The Council’s balance sheet was monitored regularly in accordance with the Reserves and Balances Strategy which formed part of the Medium Term Financial Strategy. The key reserves and balances had been reviewed and were considered prudent and appropriate at this stage in the financial year and within the current financial climate.

RESOLVED: That

1)    all spending continues to be limited to the absolutely essential;

2)    Strategic Directors take appropriate action to contain overall spending within their total operational budget by year-end; and

3)    Council be asked to approve the revised Capital Programme as set out in Appendix 3, attached to the report.