The report sets out the Capital financial position for 2016/17 as at the end of June 2016. It excludes the Housing Revenue Account (HRA) which is subject to a separate report.

1.      To note that the approved budget, excluding HRA, but including deferred spend from 2015/16 (approved by Executive in June 2016) is £124.6M (gross).  The gross forecast is below budget by £11.8M (£11.0M last year against a higher budget of £139.2M).  The net forecast is £5.1M over budget due to less forecast grant receipts than budgeted.

2.      To note that action to reduce the net forecast overspend is currently being reviewed.        

The Executive considered a report from the Executive Member for Corporate Resources that set out the capital projected outturn for 2016/17 as at June 2016.  The approved budget, excluding HRA, but including deferred spend from 2015/16 was £124.6m (gross). 

Reason for decision:  To facilitate effective financial management and planning.

RESOLVED

1.      to note that the approved budget, excluding HRA, but including deferred spend from 2015/16 (approved by Executive in June 2016) was £124.6M (gross).  The gross forecast was below budget by £11.8M (£11.0M last year against a higher budget of £139.2M).  The net forecast is £5.1M over budget due to less forecast grant receipts than budgeted; and

2.      to note that action to reduce the net forecast overspend was currently being reviewed.