Issue - meetings

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

It was resolved –

·        To note the draft outturn position of the Capital Programme 2017/18 that is subject to audit, and

·        To approve the carry-forward of £9.348m to 2018/19 for the underspend on the programme due to slippage. The funding for this will also carry-forward to 2018/19.

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

The Portfolio Member for Finance reported that in February, 2017 the Council approved a Capital Programme for non-housing services of £30.614m for 2017/18 and a Capital Programme for the Housing Revenue Account of £9.889m. The table at paragraph 1.3 of the report provides a breakdown of the approved capital programme for 2017/18 along with the brought forward commitments from 2016/17.The budget for the General Fund was £39.800m with expenditure of only £20.064m incurred as at 31 March, 2018 equating to 50% of the budget. The main reason for the overall underspend was the large underspend against the seven major projects listed in paragraph 2.2 of the report. All these capital schemes will carry forward into 2018/19 as will the funding for them.

The Head of Function (Resources) and Section 151 Officer confirmed that no funding has been lost due to slippage and that funding which the Council was required to spend before the end of the financial year has been spent.

It was resolved –

•  To note the draft outturn position of the Capital Programme 2017/18 that is subject to audit, and

•  To approve the carry-forward of £9.348m to 2018/19 for the underspend on the programme due to slippage. The funding for this will also carry-forward to 2018/19.