Agenda item

That the summary of spend against capital budgets for the 2020-21 financial year, as at the end of June 2020 on a consolidated and directorate basis be noted.

The Lead Member for Governance & Customer Services introduced a report which summarised spend against capital budgets for the first quarter of 2020/21 to the end of June.

The revised capital budget for 2020/21 was £172.7m of which £14.4m had been spent during the first quarter, which included £2m drawdown by James Elliman Homes to purchase properties for temporary accommodation; £6.1m on the Old Library Site hotel development; and £1.3m on the construction of new affordable homes.  Expenditure in the first quarter was significantly lower than the same period last year due to the Covid-19 restrictions, but it was currently expected that 73% of the revised budget would be spent by the end of the year.  The Cabinet discussed the potential of catching up on some of the schemes and it was noted that task groups were working on the various projects and a further update would be provided to Cabinet in the next quarterly report in November.

The Cabinet noted the report.

Resolved –  That the summary of spend against capital budgets for the 2020-21 financial year, as at the end of June 2020 on a consolidated and directorate basis be noted.