Issue - meetings

Report of the Chief Executive on the capital expenditure and associated capital funding as at the end of Quarter 3.

(1)   Cabinet noted the capital forecast outturn position as at Quarter 3 as shown in Table 1.

(2)   Cabinet noted the forecast position as at 31 December 2020 for funding of the capital programme and reserve balances as reflected in Table 2.

Report of the Chief Executive on the capital expenditure and associated capital funding as at the end of Quarter 3.

Whilst the impact of Covid led to some unavoidable delays on certain projects earlier in the year, these now continue to make progress.  The Council have not had to make any budgetary cuts to the capital programme to date as a result of Covid.

Progress on individual schemes is set out in the report. 

Within the Affordable Housing Programme, the Council have increased the Quarter 4 forecast for Open Market Purchases, by bringing forward some of the 2021/22 capital budget for this item, whilst remaining within the boundaries of the 30-year Business Plan.  This approach gives us the flexibility to maintain the absorption of Right to Buy receipts, and avoid having to remit amounts to HM Treasury, should we face unforeseen delays to some of our larger Affordable Housing projects.

RESOLVED:

(1)   Cabinet noted the capital forecast outturn position as at Quarter 3 as shown in Table 1.

(2)   Cabinet noted the forecast position as at 31 December 2020 for funding of the capital programme and reserve balances as reflected in Table 2.