Purpose

This report reports the quarter 1 position to
Cabinet and seeks revisions to the Capital Programme which require
the approval of Cabinet in accordance with the Council’s
financial regulations.

Decision

To note the overall
forecast of £294.1m for 2024/25 capital expenditure which is
a net decrease of £17.8m in comparison to the revised budget
of £311.9m at 2023/24 outturn. 

 

To approve the
updated four-year capital programme for 2024-2028 of £639.1m,
as detailed in Appendix 1. This is a net increase of £62.7m
in comparison to the four-year programme of £576.4m approved
at Full Council in February 2024.

 

To approve an
additional budget envelope of £8.68m for various General Fund
capital schemes, funded from external grants and contributions
(£8.375m), capital receipts (£0.257m) and revenue
contributions (£0.048m), as detailed in paragraph 3 of the
report. 

 

To note the
prudential indicators presented in Appendix 4, as per Prudential
Code requirements.