Purpose

Quarterly report

Content

The Capital Programme for 23-24
to 26-27 was approved by Full Council in February 2023 as
£505.9m. The 22-23 outturn underspend was £44.3m. After
a detailed review of each scheme in the programme, £46.3m of
unspent budget has been carried forward into the new financial
year. The increase was due to a small number of projects overspends
that were funded in 22-23 and not carried forward. The capital
programme now needed to be reprofiled in future years to ensure the
annual spend profile was realistic, and to reduce the likelihood of
slippage. There were also some recommended additions for new
funding, reductions and reallocations of funding from closed
projects, plus a small number of projects with inflationary
overspends that required use of the corporate contingency to
complete. The report set out the recommended changes for approval
and would result in the Capital Programme increasing from
£505.9m as agreed at Full Council, to £556.7m. Since
the Budget was approved by Council in February 2023 there was an
additional £5.782m recommended to be added to the Programme.
Of this: £4.184m was externally funded from grants;
£1.232m was the addition of agreed, specific s.106 projects;
and £0.365m was a recommended use of an earmarked revenue
reserve to fund a project overspend.
 
RESOLVED that the following
budget adjustments to the approved Capital Programme be
APPROVED: 
 

That £5.782m
of additions be made to the capital programme, £5.416m to be
externally funded from grants and S.106, and £0.365m funded
from ringfenced Council reserves. 

That £0.288m
of the Capital Contingency be used to fund the inflationary
pressures of two existing projects. 

That £3.366m
of budget reductions for completed projects from the capital
programme be approved, of which £0.644m of corporate funded
projects are to be reallocated to the capital
contingency. 
(Note: where external funding was released it will be reinvested
in alternative projects that would come forward in due
course). 

The reprofiling of
the revised £556.8m Capital Programme inclusive of
£46.3m of carry-forward budgets over the MTFP
2023-27.