Issue - meetings

To consider this report.

NON-KEY DECISION

Following consideration of the officer report, appendices and discussion, the Executive noted the revised capital forecast spend for the financial year 2023/24 of £224m and the key risks, future issues detailed in the report.

ALTERNATIVE OPTIONS CONSIDERED: As set out in the officer report

REASON FOR DECISION: As set out in the officer report

The Leader of the Council and Lead Member for Governance and Communications, Cllr Bill Revans, invited the Deputy Leader and Lead Member for Resources and Performance, Cllr Liz Leyshon, to introduce the report.

The Deputy Leader and Lead Member for Resources and Performance, Cllr Liz Leyshon, introduced the report, highlighting: that the report reflects the position as at 30 September 2023 (Q2); the impact of high inflation on construction and highways across both the public and private sectors; the Octagon project decision - Executive 4 October 2023; and the need for Directorates to have clarity on Government funded projects.

The Service Director for Finance and Procurement, Nicola Hix, added to the above points, highlighting: that the Capital report is the first for Somerset Council; the work to continually improve reporting, with a vision to report solely through Solver software; the monitoring of Capital schemes; the work on improving profiling to understand revenue and how the Capital schemes affect the revenue budget; and the next Capital report to be considered at Executive on 7 February 2024.

The Leader of the Council and Lead Member for Governance and Communications, Cllr Bill Revans, invited comments from other Members present, questions and points raised included: the Octagon project reporting and work taking place to deliver the project in an affordable and different way that has the same outcomes; the complex budget setting situation and the need for clarity and transparency leading to setting a Council budget in February 2024, and the impacts of the COVID pandemic, lockdowns, Local Government Reorganisation, the review of the Capital programme and the financial emergency; the cost of borrowing and whether the Council can afford non essential borrowing; the assurance of a well managed and controlled Capital programme and schemes; the importance of good Treasury Management and the encouragement for all to read and understand Treasury Management; and the progress of the Yeovil refresh project / future High Street funding project, including the considerable pressures that have caused delays.

The Executive proceeded to vote on the recommendations, which were agreed unanimously.??

Following consideration of the officer report, appendices and discussion, the Executive noted the revised capital forecast spend for the financial year 2023/24 of £224m and the key risks, future issues detailed in the report.

ALTERNATIVE OPTIONS CONSIDERED: As set out in the officer report. 

REASON FOR DECISION: As set out in the officer report.