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

1.      That the approved budget excluding HRA but including deferred spend from 2015/16 is £132.6M (gross) be noted.  The gross forecast is below budget by £17.6M, an increase of £1.2M on August (£30.20M below last year against a higher budget of £139.2M).  The net forecast is £1.3M below budget (£21.5M below last year).

2.      That the budget virement as set out in the report be approved, as there has been a change in the scope of the Thorn Turn Waste Park in that the waste transfer element is not being pursued, so the full original budget is no longer required.  However, additional costs have resulted from post contract design changes on all three Household Waste Recycling centres and construction costs for the South Highways Depot project.  The proposed budget re-alignment nets off to zero, being transfers between the schemes for the reasons set out above.

The Executive considered a report from the Executive Member for Corporate Resources that set out the capital projected outturn for 2016/17 as at September 2016. 

Reason for decision:  To maintain rigour and transparency through the Executive’s regular public monitoring of the capital budget.

RESOLVED

1.         that the approved budget excluding HRA but including deferred spend from 2015/16 was £132.6M (gross) be noted.  The gross forecast was below budget by £17.6M, an increase of £1.2M on August (£30.20M below last year against a higher budget of £139.2M).  The net forecast was £1.3M below budget (£21.5M below last year); and

2.      that the budget virement as set out in the report be approved, as there had been a change in the scope of the Thorn Turn Waste Park in that the waste transfer element was not being pursued, so the full original budget was no longer required.  However, additional costs have resulted from post contract design changes on all three Household Waste Recycling Centres and construction costs for the South Highways Depot project.  The proposed budget re-alignment nets off to zero, being transfers between the schemes for the reasons set out above.