A report from the Director of Finance, Resources and Customer Services is attached. This informs Members of the capital investment undertaken in 2014/15, and the way in which it has been funded. (Key decision – reference number 4104)
(8.25 – 8.30 pm)
Councillor Andrew Stafford (Cabinet Member for Finance and Efficiency) introduced the report of the Director of Finance, Resources and Customer Services (No.25) informing Members of the capital investment undertaken in 2014/15, and the way in which it had been funded.
1. That the report showed that in 2014/15 the Council’s capital expenditure had amounted to £129.8m compared with the latest programme of £161.6m. The resulting favourable variance of £31.8m was comprised of £1.9m Housing projects and £29.9m of General Fund projects. This was mainly due to re-profiling of schemes where the resources would be carried forward to 2015/16 including £11.7m in respect of Meridian Water for the purchase of land in early April.
2. The Council’s ambitious capital programme and the significant projects that had been undertaken as set out in the report and highlighted to Members at the meeting.
Alternative Options Considered: None stated.
DECISION: The Cabinet agreed that
1. The achievements and improved outcomes resulting from the Council’s investments in capital projects be noted.
2. The funding of the Council’s capital expenditure for 2014/15 as set out in paragraph 5.3 of the report be agreed.
3. The outturn for the Council’s prudential indicators, set out in section 6 of the report, be noted.
Reason: To inform Members of the final position on capital expenditure and financing for the year and to note the prudential indicators.
(Key decision – reference number 4104)