Issue - meetings

To consider the report of the Director Finance.

Agreed:

RECOMMENDED that Council approves:-

(1) the overall financial position for the 2023/24 Annual Capital Programme; and

(2) the amendments and further funding requests to the Council’s Annual Capital Programme for 2023/24.

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, advising Members of the anticipated level of deferred expenditure into future years. The report also sought Member approval to amend the Annual Capital Programme to reflect the reported variations in the report.

Members were advised that £28 million of the Capital Programme had been deferred, bringing it down to around £42 million, with £2.2 million spent to date. This demonstrated the challenges in tendering and getting acceptable tenders. There was one additional request for funding for replacing the roof of the phase three building at the Civic Centre. The replacement went out to tender but came back £140,000 pounds higher than estimated. Reference was also made to the Council signage improvement programme which had been completed.

Councillor Moore, as an opposition group leader, spoke on this item and enquired on funding requirements.

In response to Members questions the Director Finance advised that there were no unallocated capital resources available, so borrowing was required. This highlighted, the current state of the construction market, in which amounts increased during the time period of going out to tender.

RECOMMENDED that Council approves:-

(1) the overall financial position for the 2023/24 Annual Capital Programme; and

(2) the amendments and further funding requests to the Council’s Annual Capital Programme for 2023/24.