Purpose

To consider the capital monitoring report for
the second quarter of the financial year.

Decision

To note:
 
1.     
The forecast capital expenditure for 2023/24 of £28.337M
which is £1.904M (6.30%) less than the latest approved budget
for the capital programme;

 
2.     
The 2023/24 significant outturn variations and explanations for
them as shown in section 4 of the report;
 
3.     
The quarter two forecasts and impact of scheme variances for
2023/24 on future years’ capital expenditure were reported to
the Capital Programme Board in November 2023;
 
4.     
The capital programme budget for 2023/24 has been profiled to show
the period when the budget will be spent, so that progress on
scheme delivery may be monitored more closely. Profiled budgets by
Council Plan Priority and capital are shown in section 5 and
Appendix 2 of the report;
 
5.     
The latest forecast of capital receipts, grants and contributions
for 2023/24 in section 6 of the report;
 
6.     
The latest approved capital programme for 2023/24 to 2026/27 and
it’s financing as shown in section 7 and detailed in Appendix
1 of the report;
 
7.     
The risks associated with the capital forecasts are as detailed in
section 10 of the report; and
 
8.     
The capital programme remains fully funded from the council’s
own resources up to 2026/27, based on the latest forecast of
available resources.
 
Cabinet recommend Council to approve:
 
9.     
Additions to the capital programme to support the delivery of
Council Plan Priorities as set out in section 9 to fund:
 
An increase to the
Local Authority Housing Fund scheme of £1.392M in 2023/24;
and
New scheme May
Place with a capital budget of £1.300M in 2024/25 and
£0.800M in 2025/26.