Executive Board considered the attached report.
RECOMMENDED: That Council approve the revised Capital Programme, as set out in the report.
The Council considered a report of the Operational Director, Finance, on the 2018/19 Revised Capital Programme.
RESOLVED: That Council approve the revisions to the Council’s Capital Programme, as set out in paragraph 3.2 of the report.
The Board considered a report of the Operational Director, Finance, which summarised the overall revenue and capital spending position as at 30 June 2018.
In overall terms revenue expenditure was £1.109m above the budget profile. It was reported that based on current spend patterns, projections showed that Council would have a year-end outturn overspend position of approximately £5.140m, if no corrective action were taken. There were a number departments where net spend for the quarter exceeded the budget profile. The main budget pressure continued to be within the Children and Families Department, despite an additional budget growth of £3m being allocated to the department at the start of the current financial year.
The Capital Programme had been revised to reflect a 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 2018 totalled £3.8m which was 98% of the planned spending at this stage. It was noted that this represented 9.9% of the total Capital Programme of £38.2m.
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.
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 recommended to approve the revised Capital Programme, as set out in Appendix 2.