Cabinet considered a report by the Head of Finance, Governance and Assurance (Section 151 officer) on the final outturn position for the Council’s 2013/14 capital programme and the current position regarding the 2014/15 to 2016/17 capital programme taking into account the slippage following the closure of the 2013/14 programme, and any budget increases/decreases for 2014/15 and future years.

(a)  That approval be given to budget variations of £17,700 to the 2013/14 capital programme, detailed in Appendix 1/Table 1 and the re-profiled 2013/14 capital budget of £47.4m.

(b)  That approval be given to the re-profiled capital budgets of £71.4m for 2014/15, including slippage of £6.6m from 2013/14, £13.7m for 2015/16 and £5.3m for 2016/17 as detailed in Appendix 1/Table 4.

(c)  That the outturn expenditure set out in Appendix 1 of $40.7m, representing 85.9% of the revised capital budget for 2013/14 be accepted.

(d)  That approval be given to the Highways and Transport programme of schemes for delivery in 2014/15 and authority be delegated to the Area Commissioner (South) in consultation with the Portfolio Holder to approve any changes to the implementation plan of schemes for delivery in 2014/15 within the parameters of the outline capital programme.

(e)  That approval be given to the setting aside of capital receipt of £1.35m to replace the self-financed prudential borrowing previously applied to finance the Solar PV schemes.  This would generate an ongoing revenue saving from 2014/15.

(f)   That approval be given to retaining a balance of capita receipts set aside of £13.25m as at 31^st March 2014 to generate a Minimum Revenue Provision saving of £530,000 in 2014/15.