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.

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 the 2016/17 financial year was presented for the Executive’s consideration.

The Portfolio Member for Finance reported that there have been no major changes as regards the main risks to the capital budget from those reported at the end of the second quarter. While the profiled budget spent to the end of the third quarter for the General Fund is 100%, only 51% of the annual budget has been spent to date the reason being that a number of schemes are weighted towards the last quarter of the financial year. The position in relation to capital receipts has improved and it is hoped the projected total of £8m can be realised by the end of March, 2017. This will contribute to the costs of meeting the 2017/18 capital programme which is an ambitious programme, and will thereby reduce the Council’s borrowing needs.

The Head of Function (Resources) and Section 151 Officer reported on the position with regard to slippage with reference to the Housing Revenue Account, the highway improvements for the Wylfa Newydd project and the Holyhead and Llangefni Strategic Infrastructure Project. These are the most significant schemes to the Council, and while there is likely to be some slippage on these schemes, the funding for them via the Housing Revenue Account in the case of HRA schemes and via Horizon and WEFO grant funding in the case of the other two schemes will be also be available next year, meaning there will be no loss of funding to the Council.

It was resolved to note the progress of expenditure and receipts against the capital budget.