Purpose

Quarterly update on spend against the capital
programme.

Decision

Note:
 
1)     
The forecast capital expenditure for 2024/25 of £28.882M
which is £6.859M lower than the latest agreed capital
programme budget of £35.741M;

 
2)     
The 2024/25 significant forecast outturn variations and
explanations for them as shown in section 4;
 
3)     
The quarter two forecasts and impact of scheme variances for
2024/25 on future years’ capital expenditure;
 
4)     
The latest forecast of capital receipts, grants and contributions
for 2024/25 in section 5;
 
5)     
The risks associated with the capital forecasts are as detailed in
section 11;
 
6)     
The latest approved capital programme for 2024/25 to 2027/28 and
the  financing as shown in section 6 and
detailed in Appendix 1; and
 
7)     
The capital programme remains fully funded from the council’s
own resources up to 2027/28, based on the latest forecast of
available resources.
 
Request Council to approve the following
capital programme amendments as set out in paragraphs 1.7 and
1.8:
 
8)     
A budget virement of £5.365M from the Manydown Land and Infrastructure Funding Scheme to
the Manydown Development scheme
(2024/25 £2.365M and 2025/26 £3.000M).

 
9)     
The renaming and repurposing of The Malls Upgrading/Updating scheme
to Town Centre Improvements.