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Agenda item

Financial Year 2022/23 - Quarter Two Capital Budget Monitoring

Report of the Chief Executive

 

Minutes:

Cllr Botterill, Cabinet Member for Finance, Development Management and Strategic Planning presented the report setting out the Capital Programme for 2022/23 as at 30 September 2022 for the second quarter budget monitoring period.

 

Cllr Botterill explained that the report included movements from July 2022 and sets out how the programme is forecast to be financed. It provided updates on significant schemes that are planned to be delivered and those that have been reprofiled to future years.

 

Cllr Ian Thorn commented on the following:

 

·       The reprofiling of the Property Carbon Reduction Programme and Generation and Public Sector Decarbonisation projects and whether these could be prioritised. In response, the Leader indicated that the issue with a number of projects is the speed of delivery.

·       Clarification in relation to the transformation review of libraries. In response, Cllr Ian Blair-Pilling commented on improvements in the services being offered and how libraries were evolving into local community hubs. He referred to recent reviews successfully undertaken at Market Lavington and Melksham.

 

Cllr Graham Wright, Chair of the Overview and Scrutiny Management Committee and Cllr Pip Ridout, Chair of the Financial Planning Task Group reported that the Management Committee and Task Group met on the 25th of November 2022 to consider the report. They noted the reprogramming of capital spend into the following financial year and welcome the focus on re-profiling the forecast spend to bring into in line with actual spend. They considered how the Q2 updates do not include committed spend and therefore understated and the impacts on revenue spend and borrowing. They thanked the Cabinet member and officers for continuing to work on improving the capital budget monitoring.

 

Cllr Gavin Grant commented on the reprofiling of £78m of capital schemes to future years and the remaining £191m in the Capital Programme for 2022/23. In response, officers explained that Capital Schemes were captured within a new process, which influenced their reprofiling and the new process of assessing schemes would be applied to reviewing the remaining capital schemes. Cllr Grant also asked for clarity about the inclusion of £5m funding for Stone Circle Companies. In response, officers explained that this was part of the £10.8m loan to the Stone Circle Companies.

 

Cllr Tony Jackson asked about repairs to Warminster squash courts. In response, Cllr Ian Blair-Pilling agreed to discuss this further after the meeting.

 

Resolved:

 

Cabinet notes:

 

a)    the additional budgets added to the programme of £1.748m under Chief Finance Officer delegated powers;

 

b)    the movement of £78.816m of budgets into future years under Chief Finance Officer delegated powers;

 

c)    the removal of £0.451m from the capital programme under Chief Finance Officer delegated powers;

 

d)    budget movements between schemes;

 

e)    the revised 2022/23 Capital Programme as at Quarter 2 of £191.908m and

 

f)     the capital spend as at 30 September of £47.454m

 

Cabinet approves:

 

a)    the movement of £0.800m budget from the centrally held Corporate budget to Depot & Office Strategy to cover inflationary increases for Hindon Stagger Salt Depot

 

b)    to recommend to Full Council to approve an increase in the Capital Enhancement budget of £0.516m to enable the refurbishment of an existing Family Contact Centre to be funded by increased capital receipts.

 

 

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 2022/23 capital programme as at Quarter 2 (30 September 2022)

 

 

Supporting documents:

 

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