Purpose

Quarterly report

Content

The Capital Programme for 2023-24
to 2026-27 had been approved by Full Council in February 2023, with
an expenditure budget of £505.9m. The programme had been
revised to £556.8m following additions agreed by Cabinet in
July 2023 and to £582.6m by Cabinet in November
2023.
 
The Council often received
ringfenced funding in-year from Government and developers that were
added to the programme in a supplementary budget change.
Additionally, the programme was reviewed quarterly to check that
the profiled spend remained realistic.
 
The Cabinet report set out the
recommended additions and reprofiling for Quarter 3, and
recommended the projects listed in Table 3 to be reduced or removed
from the programme. These budget changes would ensure the programme
remained realistic and deliverable, and released budget for
reinvestment.  The recommended changes
would reduce the 2023-24 current year budget from £124.5m to
£119.6m.
 
RESOLVED –
 

(1)              
The addition of £4.602m in
the current year 2023/24 for new externally funded
ringfenced grants, Section 106 developer contributions, or ringfenced capital receipts (Table
1).
(2)              
The release of £5.56m
the Schools Secondary Schools places and SEN budgets
(Table 2).
(3)              
The
removal of £0.185m where borrowing requirements no
longer apply (Table 3).
(4)              
The
reallocation of £5.106m consisting of £4.653m from
projects budgets recommended for reinvestment in priority projects
with the Final Budget and Capital Programme 2024-25 to
2027-28, and an increase of
£0.638m in the Capital Contingency from underspend released
on the project (Table
3).
(5)              
Reprofiling of £9.3m from 2023/24 into future
years (Table 4).