Decision details

The Director of Resources and Deputy Chief Executive submitted a report for Committee to consider and approve the Council’s overall revised capital programme for 2023/24.

The original programme had been approved by Council in March 20223 and regular reports had been presented to all committees on progress with the schemes. There had been a number of further approvals and adjustments made during the year resulting in the total approved Capital Programme for 2023/24 of £6,925,330 over 55 schemes. The revised estimate for each of these schemes had been determined following discussion with budget holders regarding their progress and estimated full year expenditure.

The revised Capital Programme now stood at £3,189,580 for 47 schemes, which was a reduction of £3,735,750 from the previously approved capital programme budget and a net reduction of 6 schemes. Detail around the movements was provided in the report.

The report went on to outline how the capital programme had been financed with a summary of the movement on the capital earmarked reserve. Earmarked reserves were used to fund £1,500,740 of the 2023/24 proposed revised capital programme, with the balance of the funding coming from usable capital receipts of £27,110 together with grants and contributions of £1,661,730. The proposal maintained the Capital Earmarked Reserve at a level above £350,000, which allowed for any emergencies to be met if required.

At the end of January 2024 £1,896,760 had been spent or committed on capital programme schemes. This equated to 52% of the full year proposed revised capital programme budget.

Members expressed concerns that capital schemes can be delayed. It was noted this can be outside of the Council’s control, however, Members asked that the Budget Working be updated regularly on all Capital schemes and in respect of delays which may impact completion within the financial year.

RESOLVED THAT COMMITTEE:

1.     Approve the overall revised capital programme for 2023/24.

2. Request regular progress updates on Capital Schemes to the Budget Working Group.