Agenda item

The Service Lead, Finance introduced a report that provided a summary of spend against capital budgets for the 2019-20 financial year, as at the end of December 2019, and confirmed the budgets to be re-profiled into future years.

Members were informed that in the first nine months of 2019-20, 72 % of the budget of £171.119 million had been spent; it was currently projected that 97% of the budget would be spent by the end of the financial year.  Some of the budgets had been re-profiled into future financial years and would form part of the Capital Strategy report.  The main areas of expenditure were: secondary expansion programme, corporate headquarter project, James Elliman Homes, Old Library site hotel development, Strategic Acquisition Board, and the Thames Valley University development.

In relation to the Capital Programme project ‘procuring of a new refuse fleet and grounds plant equipment and the capitalisation of domestic wheeled bins’ a Member noted that a new refuse fleet had been procured two years’ ago and asked why the fleet needed to be replaced so soon.  The Service Lead, Finance agreed to seek further information from the relevant department and to provide an update to the Committee.

A Member queried why the capital loan for Nova House had been re-profiled.  The Service Lead, Finance explained that there had been an underspend on the project; but he was unable to expand on the detailed reasons this had occurred.

Details regarding the refurbishment of Wexham House project was sought.  It was agreed that the Service Lead, Finance would seek further information from the relevant department and provide an update to the Committee.

The Chair thanked the Service Lead, Finance for the report.

Resolved –

(a)  That the Committee noted the report, including the revised 2019-20 budget and the re-profiling of budgets into future years.

(b)  That the Service Lead, Finance be requested to circulate responses to the queries raised during the consideration of the report, as detailed above.