Decision Maker: Cabinet

Outcome:

Is Key Decision?: No

Is Callable In?: No

Date of Decision: December 10, 2024

Purpose: Quarterly update on spend against the capital programme.

Content: Note:   1)      The forecast capital expenditure for 2024/25 of £28.882M which is £6.859M lower than the latest agreed capital programme budget of £35.741M;   2)      The 2024/25 significant forecast outturn variations and explanations for them as shown in section 4;   3)      The quarter two forecasts and impact of scheme variances for 2024/25 on future years’ capital expenditure;   4)      The latest forecast of capital receipts, grants and contributions for 2024/25 in section 5;   5)      The risks associated with the capital forecasts are as detailed in section 11;   6)      The latest approved capital programme for 2024/25 to 2027/28 and the  financing as shown in section 6 and detailed in Appendix 1; and   7)      The capital programme remains fully funded from the council’s own resources up to 2027/28, based on the latest forecast of available resources.   Request Council to approve the following capital programme amendments as set out in paragraphs 1.7 and 1.8:   8)      A budget virement of £5.365M from the Manydown Land and Infrastructure Funding Scheme to the Manydown Development scheme (2024/25 £2.365M and 2025/26 £3.000M).   9)      The renaming and repurposing of The Malls Upgrading/Updating scheme to Town Centre Improvements.