Agenda item

Capital Budget Monitor - Quarter 3 2020/21

Decision:

That the report be noted.

Minutes:

The Interim Service Lead, Finance introduced a report that summarised spend against capital budgets for the 2020-21 financial year, as at the end of December 2020 on a consolidated and directorate basis.

 

In the first nine months of the financial year, £59m or 32% of the revised budget of £186.399m had been spent.  This was considerably lower than the previous year at which point £123m had been spent.  The lower than budgeted expenditure was largely due to the Covid-19 restrictions.  It was currently projected that £118m would be spent by year end, which was 63% of the budget.  Despite the challenges that Covid-19 had caused to many capital projects it was noted that a range of housing and regeneration projects had continued to be delivered through the year including the hotels and residential development on the Old Library Site which was ahead of schedule.

 

The Cabinet welcomed the work that had been done to keep key projects moving forward throughout the pandemic and reiterated its commitment to deliver key schemes.  The projected spend of 63% was still relatively high given the challenges.  A review of the capital programme would take place as part of the budget setting process and it was expected major projects would play a key role in the recovery from the Covid-19 pandemic.

 

At the conclusion of the discussion the report was noted.

 

 

Resolved –  That the report be noted.

Supporting documents: