Agenda item

That the report be noted and that the revised 2019-20 budget and the re-profiling of budgets into future years as set out in the report be approved.

The Service Lead Finance introduced a report that summarised spend against capital budgets for the 2019/20 financial year as at 31^st December 2019 and sought approval to re-profile budgets into future years.

The revised capital budget for 2019/20 was £171m and the forecast outturn was £166m which equated to 97% of the budget.  This was a strong overall position and key projects including the hotels development on the Old Library Site and Grove Academy and new Chalvey Hub scheme were reviewed.  It was noted that the school was on track to open in August and the hotels were ahead of schedule and were set to open by early 2021.

At the conclusion of the discussion the report was noted and re-profiled budgets agreed.

Resolved –  That the report be noted and that the revised 2019-20 budget and the re-profiling of budgets into future years as set out in the report be approved.