Issue - meetings

Report of the Cabinet Member Resources, Leisure and Culture, detailing General Fund Capital Financial Monitoring for the period to the end of December 2011, attached.

On consideration of the report of the Cabinet Member for Resources, Leisure and Culture and having received representations from Members of the Council, Cabinet noted

(i)  the current General Fund capital budget monitoring position for 2011/12 as at Month 9 (December), which is an in-year forecast over spend of £396,000;

(ii)  the current General Fund capital budget monitoring position for the overall programme, which is a forecast over spend for all schemes of £87,000;

(iii)  that two schemes (0.9%) out of a total of 214 active schemes have an overall Red RAG status.  This represents around £6.5M (2.2%) out of a total overall programme budget of £296M;

(iv)  the capital funding position which is an overall forecast deficit of £751,000 in the programme as detailed in paragraph 8.  This is within the previously approved tolerances and can be compared to the figure reported to Council in September of £8.1M;

(v)  the reduction in the forecast funding deficit is largely down to additional or increased forecast future capital receipts where the timing and exact value is to a degree uncertain;  

(vi)  that the deficit will need to be met from new resources and note that any shortfall in funding at the end of 2011/12 will need to be met through the use of delegated powers to undertake temporary borrowing the revenue implications of which have been reflected in the budget forecast for the General Fund; and

(vii)  that the action plans in place, where applicable, to ensure capital expenditure remains within allocated budgets and that project delivery targets are met.