Issue - meetings

Capital Outturn Report as at Period 6

Meeting: 16/11/2023 - Executive (Item 542)

542 Capital Outturn Report as at Period 6 pdf icon PDF 205 KB

Additional documents:

Decision:

RESOLVED

 

That the Executive:

 

a.    Noted the draft capital outturn position as at period 6 for the General Fund (GF) Capital Programme and Housing Revenue Account (HRA) Capital Programme for 2023/24.

 

b.    Noted the new schemes that have been approved since 1st April 2023.

 

 

Reasons for Recommendations: This is in line with the Council’s constitution and financial regulations in relation to governance.

 

Alternative Options Considered: This report is on the forecasted out-turn and therefore alternative options are not proposed.

 

Minutes:

The Chair invited Cllr Lyn Buckingham to address the meeting. Cllr Buckingham raised concerns regarding the level of slippage on capital spend in regard to energy efficiency and the Council Housing Revenue Account.

 

The Chair thanked Cllr Buckingham for her comments before inviting the Executive Member for Finance and Transformation, Cllr Lloyd Bunday to introduce a report that set out the provisional capital outturn position for 2023/24 as at Period 6, including requests to rephase scheme expenditure profiles. The report also detailed the latest capital budgets for the General Fund and the Housing Revenue Account (HRA) Capital Programme, including new schemes that had been approved since 1st April 2023.

 

Cllr Bunday acknowledged the level of slippage to certain schemes, stating that the outturn forecast in respect of the General Fund Capital Programme showed a revised capital budget position of £85.8m, including slippage and in-year approved programmes. The outturn position was currently estimated at a spend of £64.1m, representing an underspend of £21.6m against the budget, with specific reference made to the Corby Towns Fund projects, streetlighting upgrades and school upgrades.

 

The outturn for the HRA Capital Programme showed a revised a budget for 2023/24 of £23.4m, including slippage from 2022/23 of £8.7m. The outturn showed a forecast spend of £7.4m, representing an underspend of £15.9m compared to budget. This would be reviewed and re-profiled considering the latest position. Certain schemes were forecast to underspend due to delays in finalising new contractual arrangements and identifying development sites for new build properties. It was reported that virements for the HRA capital programme relating to the housing tenancy capital schemes were to enhance and maintain current housing stock.

 

Cllr Mark Rowley spoke to reference the need for the Council’s existing housing stock to be upgraded, whilst Cllr Brackenbury referenced the slippage against the projects associated with the Corby Town Centre Fund, although noting the recent opening of Corby Sixth Form College.

 

 

RESOLVED

 

That the Executive:

 

a.    Noted the draft capital outturn position as at period 6 for the General Fund (GF) Capital Programme and Housing Revenue Account (HRA) Capital Programme for 2023/24.

 

b.    Noted the new schemes that have been approved since 1st April 2023.

 

 

Reasons for Recommendations: This is in line with the Council’s constitution and financial regulations in relation to governance.

 

Alternative Options Considered: This report is on the forecasted out-turn and therefore alternative options are not proposed.