Issue - meetings

A report from the Executive Director of Resources is attached.  (Key decision – reference number 5500)

Cllr 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.

The report considered actual spend up to 21 November 2022 and latest spend projections from budget holders. The forecast variance was noted, and the projects with the largest variances to budget were highlighted.

DECISION:  The Cabinet agreed to note:

a.  The 2022/23 forecast spend of £262.7m against a budget of £486.4m, which is a forecast variance to budget of 54% across the programme. This reflects strategic and fiscally responsible decisions taken by the Council to manage delivery of and to ensure continued value for money of its capital programme in response to inflationary pressures, increases in the cost of borrowing and current market conditions, as described in the report.

b.  Actual spend of £88.5m (excluding salaries which are to be processed in December) has been incurred to date. Unspent forecast budget at year end will no longer be automatically carried forward into 2023/24.

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

(Key decision – reference number 5500)