17 Financial Year 2021/2022 - Quarter Three Capital Budget Monitoring
Report of the Chief Executive
The Leader introduced the report setting out the Capital Programme for 2021/22 as of 31 December 2021 for the third quarterly budget monitoring period.
The report detailed the movements from the original budget set by Full Council in February 2021 to the revised programme and sets out how the programme is forecast to be financed. It provided an update on the significant programmes that are planned to be delivered and those that have been reprofiled to future years.
Cllr Pip Ridout, Chair of the Financial Planning Task Group confirmed that the Task Group would be considering the report at its meeting on 11 February 2022.
In response to comments from Cllr Ian Thorn about the experiences of other Local Authorities in meeting their Capital Programme targets, the Leader and officers explained that delivery of the Councils Capital programme has been optimistic in previous years which resulted in the reprogramming and slippage of certain schemes. However, the current programme has been developed to deliver achievable schemes, although there were a number of factors impacting the deliverability and price of capital projects, as detailed in the report, resulting in the reprofiling of some schemes.
In response to a question from Cllr Gavin Grant about financing the Capital Programme through Government and third party grants, and the Community Infrastructure Levy, the Leader and officers reported that a report would be considered at a future Cabinet meeting.
Cllr Grant also paid tribute to Sam Fox, Corporate Director Place, who had recently left the Council.
Cabinet is asked to note:
a) the reduced capital budgets of £0.007m under Chief Finance Officer delegated powers;
the reprofile of £2.510m of budgets into
future years under Chief Finance Officer delegated
c) Budget Movements between Schemes;
the revised 2021/22 Capital Programme as at
quarter 3 of
e) the capital spend as of 31 December 2021 of £76.634m
Reason for decision:
To inform effective decision making and ensure sound financial management as part of the Councils overall control environment.
To inform Cabinet on the financial position of the Council on the 2021/22 capital programme as at quarter 3 (31 December 2021).