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 2018/19 at Quarter 3.

The report of the Head of Function (Resources) and Section 151 Officer setting out the financial performance of the capital budget for the third quarter of 2018/19 was presented for the Executive’s consideration.

The Portfolio Member for Finance reported that the total expenditure at the end of Quarter 3 is £19,043m against a Capital Budget for 2018/19 of £61.920m. The forecast underspend on the Capital Programme for 201819 is £29.644m with this being potential slippage into the 2019/20 Capital Programme. The funding for this slippage will also slip into 2019/20. Whilst the majority of projects are on target to be completed within budget there are 4 major projects which are expected to significantly underspend the budget in 2018/19. These are noted in the report. However, it is not anticipated that any funding will be lost due to the delays.

The Head of Function (Resources)/Section 151 Officer confirmed that there were no significant developments in capital budget activity to report since Quarter 2 .Some schemes have not progressed as well as expected and others have not started due to factors beyond the Council’s control. The improvements to the A5025 which is one of the four major projects that have not yet started may not commence at all as all works are currently suspended on the project. The Officer also confirmed that the Authority will endeavour to ensure that no grant funding is lost by ensuring that sufficient expenditure is incurred by year end.

It was resolved to note the progress of expenditure and receipts against the capital budget 2018/19 at Quarter 3.