Issue - meetings

A report from the Executive Director of Resources is attached.  (Key decision – reference number 5497)

Councillor Tim Leaver (Cabinet Member for Finance and Procurement) introduced the report of the Executive Director Resources providing an update on the forecast capital spend for 2022/23, taking into account the latest information available for all capital schemes including funding. Projects are in the process of being reviewed. Assurance was provided to Members of delivery of the capital programme; and that a Regeneration Board had been introduced and different ways of delivering could be used. It was noted that a considerable proportion of underspend was linked to spend of HIF infrastructure funding at Meridian Water.

DECISION:  The Cabinet agreed to note the 2022/23 forecast spend of £302.8m against a budget of £486.4m, which is a forecast variance to budget of 38% across the programme. This reflects strategic and fiscally responsible decisions taken by the Council to manage delivery of its capital programme in response to inflationary pressures, increases in the cost of borrowing and current market conditions, as described in the report.

The report sets out the options considered, if any, and the reasons for the recommendation and the decision.

(Key decision – reference number 5497)