Issue - meetings

To update Members concerning the Outturn position on the 2022/23 capital programme including the resources used to fund capital expenditure; the Council’s Capital Strategy and any changes to the 2023/24 and future year’s capital programme; the Actual 2022/23 Minimum Revenue Provision (MRP) and the MRP for 2023/24; and the resources available to fund the Capital Strategy.

The Executive considered a report in respect of the 2022/23 Capital Expenditure Outturn.

It was RESOLVED:

1.          That the 2022/23 General Fund Capital expenditure outturn (£17.814Million), as summarised in Paragraph 4.1.1 of the report, be noted (subject to the completion of the 2020/21 and 2021/22 and 2022/23 external audit of accounts).

2.          That the 2022/23 HRA Capital expenditure outturn (£43.966Million), as summarised in Paragraph 4.4.1 of the report, be noted, (subject to the completion of the 2020/21, 2021/22 and 2022/23 external audit of accounts).

3.          That the funding applied to the 2022/23 General Fund Capital programme, as summarised in Paragraph 4.2.1 of the report, be approved.

4.          That the funding applied to the 2022/23 HRA Capital programme, as summarised in Paragraph 4.5.1 of the report, be approved.

5.          That the 2023/24 General Fund Capital programme increase of £6.796Million, as set out in Paragraph 4.3.1 of the report, be approved.

6.          That the 2023/24 HRA Capital programme decrease of £1.628Million, as set out in Paragraph 4.6.1 of the report, be noted.

7.          That the appropriation of Brent Court garage block (red book valuation to be obtained) in 2023/24 from the General Fund to the HRA, as detailed in Paragraph 4.7.1 of the report, be approved.

Reason for Decision:  As contained in report.

Other Options considered:  As contained in report.

The Executive considered a report in respect of the 2022/23 Capital Expenditure Outturn.

In respect of the General Fund, the Portfolio Holder for Resources & Transformation advised that there had been spend of £17.8Million against a working budget of £23.9Million, with a request for carry forwards totalling £6.7Million.  Of the £17.8Million spent, £4.9Million was funded from borrowing; £5 Million from capital receipts; and the remaining £7.9Million from a variety of reserves, grants and other contributions.  If the recommendations in the report were approved, a revised General Fund Capital Programme of £33.7Million would be in place for 2023/24.

With regard to the Housing Revenue Account (HRA), the Portfolio Holder for Resources & Transformation stated that this incurred expenditure of £44Million against a working budget of £42.4Million, which resulted in a negative carry forward of £1.6Million into 2023/24.  Of the £44Million spent, £5.5Million was funded through borrowing; £24.5Million from the Major Repairs reserve; £12Million from capital receipts; and the remaining £2Million from a variety of reserves, grants and other contributions.  The HRA resources were being reviewed through the refreshed HRA Business Plan.  Approval was also sought for the appropriation of the Brent Court garage block from the General Fund to the HRA in 2023/24, as detailed in Paragraph 4.7.1 of the report.

The Strategic Director (CF) commented that funding the Capital Programme continued to be a challenge, with the majority of resources, particularly for the General Fund, allocated towards maintaining existing facilities rather than enhancements and growth (unless third party funding was available). She referred to some already known pressures that could impact on the deferred reserve used for in-year spend that could be required as a result of those pressures.

It was RESOLVED:

1.          That the 2022/23 General Fund Capital expenditure outturn (£17.814Million), as summarised in Paragraph 4.1.1 of the report, be noted (subject to the completion of the 2020/21 and 2021/22 and 2022/23 external audit of accounts).

2.          That the 2022/23 HRA Capital expenditure outturn (£43.966Million), as summarised in Paragraph 4.4.1 of the report, be noted, (subject to the completion of the 2020/21, 2021/22 and 2022/23 external audit of accounts).

3.          That the funding applied to the 2022/23 General Fund Capital programme, as summarised in Paragraph 4.2.1 of the report, be approved.

4.          That the funding applied to the 2022/23 HRA Capital programme, as summarised in Paragraph 4.5.1 of the report, be approved.

5.          That the 2023/24 General Fund Capital programme increase of £6.796Million, as set out in Paragraph 4.3.1 of the report, be approved.

6.          That the 2023/24 HRA Capital programme decrease of £1.628Million, as set out in Paragraph 4.6.1 of the report, be noted.

7.          That the appropriation of Brent Court garage block (red book valuation to be obtained) in 2023/24 from the General Fund to the HRA, as detailed in Paragraph 4.7.1 of the report, be approved.

Reason for Decision:  As contained in report.

Other Options considered:  As contained in report.