Agenda item

The Executive Director Core Services and Service Director Finance will submit a joint report that was submitted to Cabinet on the 4^th September, 2019 on the financial performance of the Council’s Capital Programme to the end of the first quarter ending 30^th June, 2019 and assessing the implications against the Council’s Medium Term Financial Strategy.

The Executive Director Core Services and Service Director Finance (Section 151 Officer) submitted, for information, a joint report, which had been considered by Cabinet on the 4^th September, 2019 on the financial performance of the Council’s Capital Programme to the quarter ended 30^th June, 2019 and assessing the implications against the Council’s Medium Term Financial Strategy.

The Service Director Finance stated that there were no major issues to report, however the key headlines for the report indicated that:

·         The position of the Capital Programme for the 2019/20 financial year was currently projected to be lower than anticipated expenditure of £6.219m; and

·         The position of the Capital Programme over the five year period to 2023/24 was currently projected to be lower than anticipated expenditure of £1.872m

The Cabinet had noted the 2019/20 and overall five year Capital Programme positions and had approved the 2019/20 scheme slippage totalling £4.347m.  It had also approved a total net decrease in scheme costs in 2019/20 of £1.872m which all related to restricted funding.

Particular reference was made to the authority’s strategy for the utilisation of Section 106 monies and to the way in which such funding was allocated to various schemes.

RESOLVED that the report be received.