Issue - meetings

To receive a report from the Chief Executive and Deputy Chief Executive.

Cllr Nick Botterill, Cabinet Member for Finance, Development Management, and Strategic Planning, presented a report which provided details of the revenue budget monitoring forecast for the third quarter of the financial year 2023/24, based on the position at the end of December 2023.

The capital programme forecast had been recalculated to around £169m. This was expected to reduce further by the end of the financial year, although the actual spend remained above the level from the previous year.

The Leader stated capital forecasting was improving, but some movement in forecasting would still occur.

Cllr Pip Ridout, Chairman of the Financial Planning Task Group, added that she agreed forecasting had improved in recent years, though with some projects brought forward and others pushed back.

Cllr Gordon King welcomed the improvement in forecasting from the reports.

At the conclusion of discussion, it was then,

Resolved:

That Cabinet approves:

a)    The removal of the £0.198m Corporate Capital scheme balance and its associated funding; 

b)   The removal of the £0.322m Dunns Lane Car Park, Castle Combe extension scheme and its associated funding; 

c)    The removal of £0.038 of the Council House Build Programme Phase 1 and its associated funding; 

d)   The use of £0.068m of earmarked reserves to enable Passenger Transport to undertake a feasibility study for the Super Bus Network; 

e)    The grant income applied for and/or received as set out in Appendix C and Appendix D. 

That Cabinet Notes:

f)     The additional budgets added to the programme of £0.458m under Chief Finance Officer delegated powers; 

g)   The movement of £37.475m of budgets into future years under Chief Finance Officer delegated powers; 

h)   The budgets brought forward from future years into the 2023/24 programme totalling £11.556m under Chief Finance Officer delegated powers; 

i)     Budget movements between schemes; 

j)     The revised 2023/24 Capital Programme forecast as at quarter three of £168.943m; and,  

k)    The capital spend as at 31 December of £92.778m 

Reason

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 2023/24 capital programme as at quarter three (31 December 2023).