Issue - meetings

This report informs Members of the likely outturn position of 2007/08 Capital Programme based on the spend profile and information to August 2007, reflecting the capital monitor one reports taken to Executive Member and Advisory Panel (EMAP) meetings for each portfolio.  It also informs the Executive of any under or overspends and seeks approval for any resulting changes to the programme, informs them of any slippage and seeks approval for the associated funding to be slipped to or from the financial years to reflect this, and informs them of the funding position of the Capital Programme, taking account of the current capital receipts forecasts for the four year Capital Programme.

RESOLVED:(i) That the £117k of adjustments made under delegated authority to the 2007/08 approved capital programme, as illustrated in Table 1, be noted;

(ii)               That the inclusion of £2.732m of additional funding to the 2007/08 to 2010/11 Capital Programme, as illustrated in paragraph 7 of the report, be approved;

(iii)             That the reprofiling of £2.360m from 2007/08 to future years, as summarised in paragraph 7 of the report, be approved;

(iv)              That the restated Capital Programme, summarised in Table 10 and as set out in details in Annex A of the report, be approved;

(v)                That the capital receipt projects for 2007/08 to 2010/11, as summarised in exempt Annex B, be noted.

REASON:      To enable the effective management and monitoring of the Council’s Capital Programme.

Members received a report which informed them of the likely outturn position of the 2007/08 Capital Programme based on the spend profile and information to August 2007, reflecting the capital monitor one reports taken to Executive Member and Advisory Panel (EMAP) meetings for each portfolio.  It also informed them of any under or overspends and sought approval for any resulting changes to the programme, informed them of any slippage and sought approval for the associated funding to be slipped to or from the financial years to reflect this, and informed them of the funding position of the Capital Programme, taking account of the current capital receipts forecasts for the four year Capital Programme.

There was an increase of £25.7m in the 2008/09 Capital Programme, mainly because of the Council’s successful Building Schools for the Future pilot programme funding bid, which provided for a brand new replacement school at Joseph Rowntree Secondary School.  This increased the 2008/09 programme to £73.6m, 40% more than this year’s anticipated outturn.  In year capital receipts, were forecast to be down against the target by £3.6m, although this was mainly because of timing issues with the majority of the slippage expected early in 2008/09.  The impact of these delays was reduced by there being corresponding slippage on capital receipt funded schemes of £2.2m.  The Council had £5.4m of capital receipt funding carried forward from the £27m raised in 2006/07.  Therefore, despite the small anticipated delay in receipts the Council remained in a strong capital funding position.  Against the current approved budget of £52.143m, there was a predicted outturn of £52.525m, a net increase of £0.382m made up of:

·  Additional schemes costing £2.742m of which £2.363m was fully externally funded;

·  The reprofiling of budgets from 2007/08 to future years of £2.360m of which capital receipts made up £2.25m.

To the end of August there was £11.9 m of capital spend representing 23% of the approved budget, compared to 26% for the same period in 2006/07.

Having considered the advice of the Shadow Executive, it was

RESOLVED:(i) That the £117k of adjustments made under delegated authority to the 2007/08 approved capital programme, as illustrated in Table 1, be noted;

(ii)               That the inclusion of £2.732m of additional funding to the 2007/08 to 2010/11 Capital Programme, as illustrated in paragraph 7 of the report, be approved;

(iii)             That the reprofiling of £2.360m from 2007/08 to future years, as summarised in paragraph 7 of the report, be approved;

(iv)              That the restated Capital Programme, summarised in Table 10 and as set out in details in Annex A of the report, be approved;

(v)                That the capital receipt projects for 2007/08 to 2010/11, as summarised in exempt Annex B, be noted.

REASON:      To enable the effective management and monitoring of the Council’s Capital Programme.