The Executive considered a report in respect of First and Second Quarter Capital Budget Monitoring 2023/24.
The Strategic Director (CF) confirmed that £447,000 of the increased budget costs for 2023/24 related to additional third party (including grants) funding received by the Council.
It was RESOLVED:
1. That the net capital budget increases of £447,000 (2023/24 - £316,000, 2024/25 - £131,000), as set out in Paragraph 4.4 of the report, be approved.
2. That the reprofiling of £15.016Million from 2023/24 to 2024/25, as set out in Paragraph 4.5 of the report, be approved.
3. That the contents of Appendix C to the report (Treasury Management Update Quarter Ended 30 June 2023) be noted, and it be further noted that the 2021 Prudential Code and TM Code had introduced a new requirement that monitoring of the treasury management indicators should be reported quarterly (along with the other prudential indicators) as part of the authority’s general revenue and capital monitoring, and that Quarter 2 will be reported in the 2023/24 Mid-Year Treasury Management Review and Prudential Indicators report.
Reason for Decision: As contained in report.
Other Options considered: As contained in report.