Issue - meetings

A report from the Director of Finance, Resources and Customer Services is attached. This informs Members of the capital investment undertaken in 2012/13, and the way in which it has been funded. (Key decision – reference number 3732)

(Report No.23)

(8.35 – 8.40 pm)

Councillor Andrew Stafford (Cabinet Member for Finance and Property) introduced the report of the Director of Finance, Resources and Customer Services (No.23) informing Members of the capital investment undertaken in 2012/13, and the way in which it had been funded.

NOTED

1.         that in 2012/13 the Council’s capital expenditure amounted to £127.0m compared with the latest programme of £148.7m. The resulting favourable variance of £21.7m was comprised of £11.9m Housing projects and £9.8m of General Fund projects. This was mainly due to re-profiling of schemes where the resources would be carried forward to 2013/14;

2.         the range and extent of the capital projects which were being undertaken including the school expansion programme, regeneration projects, highways and housing, as detailed in full in the report.

3.         the financial overview of the capital programme and the Council’s prudential indicators as detailed in sections 5 and 6 of the report. It was recognised that there would be a continued need for Council borrowing and disposals to fund future capital projects.

4.         Councillor Ayfer Orhan (Cabinet Member for Children and Young People) extended her congratulations to Councillor Stafford and officers for the achievement of an extensive and significant capital programme.

Alternative Options Considered: None stated.

DECISION: The Cabinet

1.         noted the achievements and improved outcomes resulting from the Council’s investments in capital projects;

2.         agreed the funding of the Council’s capital expenditure as set out in report (paragraph 5.2 of the report referred);

3.         noted the outturn for the Council’s prudential indicators (section 6 of the report referred).

Reason: To inform Members of the final position on capital expenditure and financing for one year.

(Key decision – reference number 3732)

Councillor Doug Taylor (Leader of the Council) arrived at this point in the Cabinet meeting and acted as Chairman for the remainder of the meeting.