Issue - meetings

Background:

This report detailed the capital monitoring forecasts as at the end of June 2015.

The approved capital programme for 2015/16 and future years was £121.3million, representing both brought forward schemes and new approvals. The report consolidated the capital monitoring undertaken by each directorate and this was summarised in the appendix, which detailed the individual schemes and their financial position.

The report noted that the capital receipt requirement underpinning the three year programme stood at £7.4m, however, current estimates of receipts over the same period suggested a shortfall against this requirement of approximately £3.0m.  In addition to this, it was estimated that the building repairs and maintenance fund required an injection of funding, estimated at between £1.0m and £2.0m to deliver essential works, including circa £400,000 of dilapidations at the Compass Centre. It was proposed to re-profile the current programme over the longer term in anticipation of additional grant and other funding streams in the future.

Reasons:

Cabinet has the responsibility to ensure effective budgetary control to contain expenditure within the approved limits set by Council.