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Decision taken
Cabinet noted the capital forecast outturn
position and the forecast position as of 30 June 2024 for funding
of the capital programme and reserve balances as reflected in Table
2.
 
Cabinet approved the virements set out in
Section 3.2 of the report.
 
Reason for decision
At the end of the quarter, an overall
underspend of around £18.1 million is anticipated. The
majority of this was associated with the Housing Revenue Account.
These projects are proceeding, but due to reasons set out within
the report against individual projects, the timing of spend will be
in next financial year. 
 
Some virements are set out in the report, to
adjust budgets in relation to an adjustment between affordable
housing programme schemes and the affordable housing contingency
budget.
 
Updates were included within the report, for
key capital projects, which currently have no forecast
variances.
 
The capital financing had been updated to
reflect the latest forecast spend, leading to an overall reduction
to borrowing for the year. This borrowing will still be required in
future years when the projects are completed.