Agenda item

(a)  That the Capital activities for the first three months of 2018/19 as set out in the body of the report be noted.

(b)  That the revised Capital Budgets for 2018-19 as set out in the report be approved.

The Service Lead Finance introduced a report that provided the Cabinet with a summary of spend against capital budgets for the first quarter of the year and to approve the revised capital budget for 2018/19.

The Council had approved a revised capital budget at its meeting on 7^th June 2018, primarily to acquire a new Council headquarters and to invest in additional strategic acquisitions.  The revised capital budget for 2018/19 was £243m and the projected outturn was £224m.  The Cabinet noted the slippage of some school expansion projects and Housing Revenue Account schemes.  The forecast slippage of 8% was very low compared to previous years and the overall programme was on track.

The Cabinet noted the update for the first quarter of the year and approved the revised budgets.

Resolved –

(a)  That the Capital activities for the first three months of 2018/19 as set out in the body of the report be noted.

(b)  That the revised Capital Budgets for 2018-19 as set out in the report be approved.