Issue - meetings

As detailed in the recommendation.

The Corporate Finance Manager provided an update on the Month 9 (end of December) capital programme position for 2013/14 which detailed the cumulative information relating to each programme area as shown in Appendix A to the report.

Details of how the programme had changed since the Month 6 report to Cabinet on 17 December 2013 were outlined in section 3.02 of the report.

Actual expenditure at the end of Month 9 (December) across the whole of the programme was £26.416m.  The breakdown of expenditure was detailed in the report and showed that overall 61.31% of the budget had been spent across the programme (Council Fund - 60.03% and HRA – 64.58%).

The report also showed a projected outturn of £41.928m.  On the Council Fund there was a projected underspend against budget of £1.502m and for HRA the projection was an overspend of £0.344m.  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.

Further Early Identified Rollover (EIR) of £1.469m into 2014/15 had been identified in the current period and was included in the narrative in Appendix B.  This reflected reviewed spending plans across all programme areas.  The committed amounts had been identified as now required to meet the cost of programme works in 2014/15 and were recommended for approval.  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 the core programme funding in the light of the continuing uncertainty over the timing of receipts.  Cabinet agreed on 17 December 2013 that the 20% should continue to be held back to keep the programme within the limits of anticipated receipts.  The position at Month 9 did not allow for any revision to that decision which would continue to be the case for the remainder of the 2013/14 financial year.

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.