Decision details

The Capital Programme for 2023-24 to 2026-27 had been approved by Full Council in February 2023, with an expenditure budget of £505.9m. The programme had been revised to £556.8m following additions agreed by Cabinet in July 2023 and to £582.6m by Cabinet in November 2023.

The Council often received ringfenced funding in-year from Government and developers that were added to the programme in a supplementary budget change. Additionally, the programme was reviewed quarterly to check that the profiled spend remained realistic.

The Cabinet report set out the recommended additions and reprofiling for Quarter 3, and recommended the projects listed in Table 3 to be reduced or removed from the programme. These budget changes would ensure the programme remained realistic and deliverable, and released budget for reinvestment.  The recommended changes would reduce the 2023-24 current year budget from £124.5m to £119.6m.

RESOLVED –

(1)               The addition of £4.602m in the current year 2023/24 for new externally funded ringfenced grants, Section 106 developer contributions, or ringfenced capital receipts (Table 1).

(2)               The release of £5.56m the Schools Secondary Schools places and SEN budgets (Table 2).

(3)               The removal of £0.185m where borrowing requirements no longer apply (Table 3).

(4)               The reallocation of £5.106m consisting of £4.653m from projects budgets recommended for reinvestment in priority projects with the Final Budget and Capital Programme 2024-25 to 2027-28, and an increase of £0.638m in the Capital Contingency from underspend released on the project (Table 3).

(5)               Reprofiling of £9.3m from 2023/24 into future years (Table 4).