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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: