Issue - meetings

To consider the report of the Director Finance.

Agreed:

RECOMMENDED that Council approve:

(1)   the overall financial position for the 2022/23 Annual Capital Programme; and

(2)   the amendments and further funding requests to the Council’s annual capital programme for 2022/23.

Reason for Decision: As set out in the report.

The Executive received the report on the current position of the Council’s revised Annual Capital Programme and the anticipated level of deferred expenditure into future years. The report also sought approval from Members to amend the annual Capital Programme in order to reflect the reported variations.

Particular reference was made to:-

·        the revised Capital Programme budget for the current financial year of £95.550 million with the Council having spent £49.532 million in the first six months, equating to 51.84% of the revised programme, which compared with £9.694 (9.06%) that had been spent in the first six months of 2021/22;

·        there was an additional budget request for the allocation of £150,000 to reconstruct a retaining wall on Countess Wear Road which collapsed in December 2020 and would be funded from the underspend on the district lighting programme; and

·        work was being undertaken on the reduction in the overall programme reflecting the increase in borrowing requirement interest rates.

RECOMMENDED that Council approve:

(1)   the overall financial position for the 2022/23 Annual Capital Programme; and

(2)   the amendments and further funding requests to the Council’s Annual Capital Programme for 2022/23.