Decision details

A detailed review has been undertaken of the Capital Programme at the end of the 2nd quarter of the 16/17 financial year. As a result, some schemes are required to be re-profiled in order to better reflect the anticipated Capital expenditure during the remainder of the year.

1.         That the Cabinet Member for Finance and Corporate Services approved in full that £65.03m of gross capital expenditure is re-profiled to 2017/18 and £13.61m of under spending budget be removed from the capital programme.

2.         That the Cabinet Member for Finance and Corporate Services approved a change in gross income relating to a net over recovery of income of £11.43m and a reprofiling of £12.83m of income, leaving a net reduction in year service income budgets by a net £1.4m.

3.         That the Cabinet Member for Finance and Corporate Services approved the additional £6.127m new budget for 2016/17 for the seven named projects and £3.113m external income.

4.         That the Cabinet Member for Finance and Corporate Services approved the reprofiling of £83m capital receipts into 2017/18 from 2016/17 and the net underachievement of capital receipts of £22m as set out in Table 3 of the report.

5.         That the Cabinet Member for Finance and Corporate Services approved that a net £15m of approved 2016/17 gross capital budgets and funding are re-profiled into the 2017/18 and future financial years and noted that this represents a gross budget reduction of £29m offset by a budget increase of £14m.

Reasons for Decision 

The reprofiling figure relates to projects that were committed or commenced in 2016/17 and thus had an approved budget.  Due to a variety of factors outlined in section 4 of the report, this expenditure is now expected to take place in 2017/18.  Approval is required to reprofile this budget to 2017/18.