Agenda item

Capital Out-turn 2012/13 (Agenda item 7)

Report of Michael Wassell, Executive Member for Finance & Democratic Services.

Minutes:

The Vice-Chairman presented the report which detailed the final end of year Capital outturn figures for 2012-2013.  Members were reminded of similar reports received for each of the preceding quarters.

 

Referring to the under-spend of £1.753m highlighted in the table at the bottom of page 11, Members were informed that this under-spend was due to capital projects that had been delayed (further detail could be found at Appendix A of the report).  On page 12 of the agenda, a carryover of £1.618m to 2013-14 was requested.  The difference between the under-spend and the requested carryover figures showed a saving of £134,843 against the 2012-13 Capital Programme.

 

The Capital Financing requirement at the top of page 13 of the agenda was also highlighted.  The figures in this table represented the amount of resources that were available before the Council had to borrow.  The figure of £11.45m for the year 2012-13 would mean that the Council had £11.45m to invest in the District before it would have to resort to borrowing.  This was a credit to all the Members and Officers involved.

 

The Capital Financing requirement figure would decline over time until 2014-15 the Council would then have a net borrowing requirement of £79k.  Much of this change was due to the investment in the Riverside project.  A full review of the expected spend and receipts would be undertaken to ensure that Breckland’s Capital Programme remained affordable and provided value for money.

 

The recommendation was highlighted.

 

In response to a question in relation to the under-spend, Members were informed that the reason for the under-spend was due to projects not coming forward in the proposed timeframe.

 

The Chairman felt that these projects should be reviewed again by the Portfolio Holders.  He also felt that this review should be linked into the Efficiency Programme which he asked to be brought forward prior to the summer recess.

 

The Executive Member for Internal Services agreed with the aforementioned suggestion as it could mean that further significant savings could be made.

 

In response to a concern in relation to the recommendation, the Chief Executive advised that each of the projects listed would come forward with a business case and all would have to be agreed by Cabinet.

 

Option 1

 

To recommend to Full Council that the final capital budget, outturn position and funding for 2012/13 and the capital budget and funding for the revised 2013/14 Capital Programme as detailed in Appendix A and B of the report are approved.

Option 2

 

To make changes to Appendix A and B of the report before recommending to Full Council that the final capital budget, outturn position and funding for 2012/13 and the capital budget and funding for the revised 2013/14 Capital Programme as detailed in Appendix A and B of the report are approved.

 

Reasons

 

The recommendation would ensure the Capital Programme for 2013/14 was amended along with the necessary funding

 

RECOMMEND to Council that the final capital budget, outturn position and funding for 2012-13 and the capital budget and funding for the revised 2013-14 Capital Programme as detailed in Appendix A and B of the report be approved.

Supporting documents: