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 2.

The report of the Head of Function (Resources)/Section 151 Officer setting out the financial performance of the Capital Budget for Quarter 2 of the 2018/19 financial year was presented for the Executive’s consideration.

The Portfolio Member for Finance reported that as is now customary expenditure against the Capital Budget is slow due mainly to the fact that a number of the capital schemes are weighted towards the latter part of the financial year. The Capital Budged for 2018/19 is £60.889m and to date actual expenditure is £10.756m against the profiled budget of £13.518m. The majority of projects are progressing and it is expected that the funding will be spent.

The Head of Function (Resources)/Section 151 Officer confirmed that the funding for any slippage will carry forward into 2019/20 and it is not anticipated at this point that any funding will be lost because of delays.

It was resolved to note the progress of expenditure and receipts against the Capital Budget 2018/19 at Quarter 2.