Issue - meetings

To consider the report.

NON-KEY DECISION

Following consideration of the officer report, appendices and discussion, the Executive:?? 

Following consideration of the officer report, appendices and discussion, the Executive:??

a.     Approved the changes to the capital programme approvals, as detailed in Section 42 of the report.

b.    Noted the revised capital forecast spend for the financial year 2023/24 of £199.8m and the key risks, future issues detailed in the report.

c.     Agreed to move the slippage of £105.7m from 2023/24 into 2024/25.

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 introduced the report, highlighting: the projected outturn for 2023/24 is £199.8m against an original budget of £314.2m, with a forecasted underspend of £114.5m for the year of which, £105.7m has been reprofiled into future years, with £8.7m as a forecast underspend; the different set of figures within the report due to the Capital programme running across more than one year; and summarised additional funding and the Octagon Project position.

The Executive Director - Resources and Corporate Services, Jason Vaughan, added to the above points, highlighting: the future work to improve capital programme reporting, including transparency and monitoring.

The Leader of the Council, Cllr Bill Revans, invited comments from other Members present, questions and points raised included: the requirement for more detail regarding accurate reporting of variances; the £2m Bridgwater Town Deal; Central Government grant funding: the impact on borrowing, constraints on the funding provided and the significant time and resources needed to apply for funding.

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

Following consideration of the officer report, appendices and discussion, the Executive:?? 

1. Approved the changes to the capital programme approvals, as detailed in Section 42 of the report.

2. Noted the revised capital forecast spend for the financial year 2023/24 of £199.8m and the key risks, future issues detailed in the report.

3. Agreed to move the slippage of £105.7m from 2023/24 into 2024/25.

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

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