Cllr Tim Leaver (Cabinet Member for Finance and Procurement) introduced the report of the Executive Director – Resources, providing an update on the final outturn position of the Council capital programme, and updates on additional carry forwards and changes to the Pipeline programme. A review of projects took place in November. A carry forward of £35.4m unspent budget would be rolled over into the capital programme for 2024/25. Issues remained, particularly pressures in relation to Meridian Water, but there had been spending on programmes which mattered most to residents, including Housing Revenue Account spend.
In response to Members’ queries, officers confirmed due diligence employed, and the increase in the Council’s capital programme for 2024/25.
DECISION: The Cabinet agreed:
I. To recommend that Council:
a. Approves the carry forward of £35.4m unspent budget from 2023/24 to future years (Appendix B), of which £15.68m is funded by borrowing.
b. Approves the revised 2024/25 capital programme (Appendix D).
c. Approves the growth in Pipeline projects (Appendix E), noting that these projects will be subject to a full business case review prior to being moved into the main capital programme (KD5502 delegated to Cabinet authority to approve Pipeline projects up to £10m).
d. Notes growth of £7.5m in the 2023/24 capital programme (Appendix C) and approves growth of £12.8m in the 2024/25 capital programme (Appendix D1).
II. To note:
e. 2023/24 capital expenditure of £198.8m, against approved November budget of £283.1m.
f. An overall net reduction of £20.0m in the 2023/24 programme (Appendix C).
The report sets out the options considered, if any, and the reasons for the recommendations and the decision.