Issue - meetings

To submit the report of the Director of Function (Resources)/Section 151 Officer.

It was RESOLVED:-

·         To note the progress of expenditure and receipts against the capital budget 2024/2025 at quarter 3;

·         To approve the additional schemes within quarter 3, amounting to £2.696m, to the capital programme and amendments to funding, as per Appendix C, which will result in a revised capital budget of £75.173m for 2024/2025;

·         To approve the carry forward of potential underspend, as noted in Section 4.2 of the report.

The report of the Director of Function (Resources)/Section 151 Officer setting out the financial performance of the Capital Budget at the end of Quarter 3, of the 2024/2025 financial year was presented for the Executive’s consideration.

Councillor Robin Williams, Deputy Leader and Portfolio Member for Finance and Housing Services said that an annual capital budget for 2024/2025 was set at £75.173m. The actual expenditure up to quarter 3 is £38,603m, with committed expenditure of £2.613m which totals £41.216m which has been financed by capital grants.  It is projected that there will be underspend within the capital budget.  He noted that any projects that have slipped from this year will be transferred to the next financial year. 

The Director of Function (Resources)/Section 151 Officer reported that grant funding is imperative to fund capital projects within the Council with a total of £46m out the £75m annal capital budget.  He noted that it is predicted that there will be an underspend of £8.171m and specifically to the UK Governments’ Levelling Up projects in Holyhead of an underspend of £3.4m which will be transferred to the next financial year.  The Housing Revenue Account is also underspending £1.7m and £0.5m underspend within the school’s projects due to grant funding received by Welsh Government. Flood Relief schemes are also anticipated to underspend against the budget, albeit will slip into the next financial year.  Low Carbon energy projects are also underspending due to awaiting a response by Welsh Government to slip the projects into the next financial year.  He further said that the Glanhwfa Community Hub project also underspending at present.

It was RESOLVED:-

·         To note the progress of expenditure and receipts against the capital budget 2024/2025 at quarter 3;

·         To approve the additional schemes within quarter 3, amounting to £2.696m, to the capital programme and amendments to funding, as per Appendix C, which will result in a revised capital budget of £75.173m for 2024/2025;

·         To approve the carry forward of potential underspend, as noted in Section 4.2 of the report.