Issue - meetings

To submit a report by the Head of Function (Resources)/Section 151 Officer.

It was resolved –

·        To note the progress of expenditure and receipts against the capital budget 2017/18 at Quarter 1.

·        To approve an extra £0.041m of capital funding to finance the additional costs at Garreglwyd care home.

The report of the Head of Function (Resources) and Section 151 Officer setting out the financial performance of the capital budget for the first quarter of 2017/18 was presented for the Executive’s consideration.

The Portfolio Member for Finance reported that as shown in Table 4.1 of the report, the forecast underspend on the Capital Programme for 2017/18 is £10.317m with this being potential slippage into the 2018/19 Capital Programme. The funding for this slippage will also slip into 2018/19 and will be factored in when producing the Treasury Management Strategy Statement and the Capital Programme for 2018/19.The main projects that are forecast to be underspent are the Holyhead Strategic Infrastructure, Llangefni Strategic Infrastructure and the New Highway to Wylfa Newydd projects details of which are provided in Appendix B. Included in the approved Capital Programme for 2017/18 is a budget of £0.250m for the refurbishment of Garreglwyd Care Home. The projected costs are now expected to rise by £0.041m and the Executive needs to consider whether to approve this additional funding. The increase in costs is as a result of having to split the scheme into two phases bringing extra costs to the scheme. If the additional budget is to be approved, it will be funded by the Capital Reserve.

It was resolved –

•  To note the progress of expenditure and receipts against the capital budget 2017/18 at Quarter 1.

•  To approve an extra £0.041m of capital funding to finance the additional costs at Garreglwyd care home.