Issue - meetings

To consider a report of the Director of Finance.

The Deputy Executive Leader / Director of Finance submitted a report summarising the 2017/18 capital expenditure outturn position at 31 March 2018.

The report showed actual capital investment of £51.385 million at 31 March 2018.  This was significantly less than the original budgeted capital investment for 2017/18 and was in part due to project delays following the liquidation of Carillion.  Re-profiling requests of £3.449 million into future years to match expected spending profiles had been requested.  Once the re-profiling had been taken into account, the capital outturn position was £0.530 million less than the capital budget for this year.

It was reported that a review of the full three year Capital Programme would take place in summer 2018 due to a number of pressures facing the programme, which meant that demand for capital resources was now expected to significantly exceed available resources. 

Details of the projected outturn capital investment were shown by service area and Section 4 of the report referred to the most significant scheme variations.  Reference was also made to the changes to the capital receipts and prudential indicators.

RESOLVED:

(i)        That the re-profiling to reflect up to date investment profiles be noted;

(ii)       That the changes to the capital programme be noted;

(iii)      That the updated Prudential Indicator position be noted;

(iv)      That the capital outturn position be noted;

(v)       That the resources currently available to fund the Capital Programme be noted;

(vi)      That the updated capital receipts position be noted; and

(vii)    The need for a full review of the Capital Programme in early summer 2018 be noted.