Decision details

Resolved that: Executive note

·         The forecast outturn position of planned expenditure of £62.1 million, generating a £4.1 million underspend.  During the course of the financial year it is not unusual for forecast expenditure to be reduced, resulting in a requirement for reprofiling.  Capital programme reprofiling occurs for a number of reasons, delays with projects through third party contractors, economic conditions and reprioritisation due to unforeseen events.  No capital expenditure is financed until it is incurred, protecting the capital financing budget which is funded through the revenue budget.  

That Executive approve:

·         The proposed reprofiling of planned expenditure from 2024/25 into 2025/26 of £7.6 million, detailed by service in appendix A.

·         The proposed transfer of Council funded expenditure budget totalling £2.8 million from 2025/26 into 2024/26 for support of the Northcroft Dry side Development Project. 

·         The proposed transfer of £801k of external funding from 2023/24 into 2024/25 to support delivery of the Newbury Town Centre Masterplan project. 

This decision is not subject to call in as:

·      a delay in implementing the decision this would cause the Council serious financial implications or could compromise the Council's position.

therefore it will be implemented immediately.