Issue - meetings

RESOLVED that the Executive:

i)               noted the position of the capital programme at the end of Quarter 2 (to 30 September 2022) as summarised in the report and set out in detail in Appendix A of the report.

ii)              approved and noted the proposed carry forwards in the capital programme as set out in Appendix B of the report.

iii)            noted that due to the current uncertainty surrounding higher interest rates, as part of our enhanced financial management process, a review is to be undertaken to determine what capital projects can be postponed this year, to minimise exposure to borrowing at high rates. Approval from the Executive will be sought for any proposed  postponement.  

The Executive Member for Finance reported that this year the budget that had been inherited from the previous Administration was significantly inadequate to fund service provision. Significant inflationary pressures had exacerbated this, with costs rising much higher than expected.

This had necessitated the Administration to carefully consider how services were run. The Council had looked across all services to consider where savings could be made. The capital programme had been significantly reduced.

The Deputy Leader queried how much borrowing had been reduced. The Executive Member for Finance agreed to provide a written response.

The Leader, Deputy Leader and Executive Member for Finance thanked officers for all their tremendous hard work to meet budgetary challenges.

RESOLVED that the Executive:

i)               noted the position of the capital programme at the end of Quarter 2 (to 30 September 2022) as summarised in the report and set out in detail in Appendix A of the report.

ii)              approved and noted the proposed carry forwards in the capital programme as set out in Appendix B of the report.

iii)            noted that due to the current uncertainty surrounding higher interest rates, as part of our enhanced financial management process, a review is to be undertaken to determine what capital projects can be postponed this year, to minimise exposure to borrowing at high rates. Approval from the Executive will be sought for any proposed  postponement.