Issue - meetings

Executive Board considered the attached reports:-

RESOLVED: That Council be recommended to approve the revisions to the Council’s 2014/15 Capital Programme set out in paragraph 3.2 of the report.

The Executive Board had considered a report of the Operational Director, Finance, on the 2014/15 revised Capital Programme.

The Council’s Capital Programme had been revised to reflect a number of changes in spending profiles and funding, as schemes developed. These were detailed in Appendix 1.

RESOLVED: That the revisions to the Council’s 2014/15 Capital Programme set out in paragraph 3.2 of the report be approved.

The Board considered a report of the Operational Director, Finance, which summarised the overall revenue and capital spending position as at 31 December 2014.

          In overall terms, revenue expenditure was £0.053m below the budget profile, however, this was only a guide to eventual spending. It was noted that spending on employees was £0.434m below the budget profile as at 31 December 2014.

Members were advised that there continued to be budget pressures on some budgeted income targets, including trade waste income and sales revenue from the Stadium.

With regard to capital spending, it was reported that spending to the 31 December 2014 totalled £20.9m, which was 97% of the planned spending of £21.5m at this stage. However, this represented 60% of the total capital programme of £34.7m (which assumed a 20% slippage between years).

The Council’s Balance Sheet was monitored regularly in accordance with the Reserves and Balances Strategy which formed part of the Medium Term Financial Strategy. The key reserves and balances had been reviewed and were considered prudent and appropriate at this stage in the financial year.

RESOLVED: That

1)    all spending continues to be limited only to the absolutely essential;

2)    Strategic Directors ensure that overall spending at year-end is within their total operational budget;

3)    the transfer of the remaining 2014/15 contingency budget to the Children and Families department, as outlined in paragraph 3.7, be approved; and

4)    Council be recommended to approve the revised capital programme as set out in Appendix 3, attached to the report.