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Agenda item

Quarterly Financial Update - Capital, Quarter 3 2018/19

Decision:

That the Capital activities for the third quarter of 2018/19 (April to December 2018) as set out in the body of this report be noted.

Minutes:

The Service Lead Finance introduced a report that provided the Cabinet with a summary of spend against capital budgets for the period to the end of December 2018.

 

The revised capital budget for 2018/19 was £256m of which 54% had been spent to date.  It was expected that 85% of the budget would be spent by the end of the year and the 15% slippage rate was a significant improvement on historic levels.  The main area of slippage was for some school expansion schemes, particularly £9.3m of the SASH2, £3.3m for SEN Resource Expansion and £2m for the Special School Expansion project which would be moved into 2019/20.  It was projected that 82% of the revised Housing Revenue Account capital budget would be spent by the end of the year.

 

The Cabinet noted the updated position.

 

Resolved –  That the Capital activities for the third quarter of 2018/19 (April to December 2018) as set out in the body of the report be noted.

Supporting documents: