Issue - meetings

As detailed in the recommendations.

The Head of Finance provided information on the Month 4 (end of July) capital programme information for 2013/14 which detailed the cumulative information relating to each programme as shown in appendix A to the report.  The format of the report had been updated and this was welcomed by Members.

In recent years there had been issues with the realisation of capital receipts required to fund the capital programme.  This had led to a shortfall in funding which impacted on the Council’s ability to fulfil its capital obligations.  Therefore, in a prudent approach at the County Council meeting on 1 March 2013, it was decided to hold back 20% of the core Council Fund programme pending the realisation of the appropriate level of capital receipts.

Changes during the period, details of which were included in the report, had resulted in a net decrease in the programme total of £1.639m (Council Fund - £1.639m, Housing Revenue Account (HRA) £0.0m).

Actual expenditure at the end of July (Month 4) across the whole of the programme was £6.101m.  The breakdown of expenditure was detailed in the report which showed that 13.29% of the budget had been spent across the programme (Council Fund – 12.24%, HRA 16.22%).

The report also showed that there was a projected outturn of £44.129m.  On the Council Fund there was a projected underspend against budget of £1.534m and for the HRA a projected underspend of £0.242m.  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.

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.