Issue - meetings

As detailed in the recommendations.

The Head of Finance provided information on the Month 6 (end of September) capital programme information for 2013/14 which detailed the cumulative information relating to each programme as shown in appendix A to the report. 

Details of how the programme had changed since the Month 4 report to Cabinet on 15 October 2013 were outlined and had resulted in a net increase of £1.267m (Council Fund - £1.267m, Housing Revenue Account (HRA) - £0.0m.

Actual expenditure at the end of September (Month 6) across the whole of the programme was £13.196m.  The breakdown of expenditure was detailed in the report which showed that 28.85% of the budget had been spent across the programme (Council Fund – 35.03%, HRA 39.44%).

The report also showed that there was a projected outturn of £43.629m.  On the Council Fund there was a projected underspend against budget of £3.111m and the projection for the HRA was to spend up to target.  Details of the variances for individual programme areas were listed in appendix B to the report which included the reasons and the required remedial action where those variances exceeded 10% of the budget.

£3.110m of rollover had been identified which reflected reviewed spending plans across all programme areas.  Those committed amounts had been identified as now required to meet the cost of the programme works in 2014/15.  The potential for further rollover was monitored closely on a monthly basis as an integral part of capital programme monitoring.

At the County Council meeting on 1 March 2013 it was agreed to hold back 20% of core programme funding in the light of the continuing uncertainty over the timing of receipts.  Cabinet agreed on 15 October 2013 that the 20% should continue to be held back to keep the programme within the limits of anticipated receipts.  The position at Month 6 did not allow for any revision to that position which would be closely monitored and would be reported on in future monitoring reports and would become part of the capital programme considerations for 2014/15.

            RESOLVED:

(a)       That the report be noted and approved;

(b)       That the continued holding back of 20% of the core programme be approved; and

(c)        That the rollover adjustments be approved.