Agenda item

Joint report of the Corporate Director of Resources and the Corporate Director of Regeneration, Economy and Growth

The Committee considered a joint report of the Corporate Director of Resources and Corporate Director of Regeneration, Economy and Growth which provided details of the forecast outturn position for quarter 2 revenue and capital for Regeneration, Economy and Growth as at 30 September 2021.

The Finance Manager Resources and Regeneration explained that the service at quarter 2 were reporting a forecast underspend of £0.230 million against a revised budget of £54.6 million. In arriving at the cash limit position, COVID-19 related expenditure and loss of income, net savings as a direct result had been exclude from the outturn, as they were being treat corporately and offset by Government Funding.

The report went on to provide details of under and overspending against relevant budget heads and the reasons for each.

With regard to the capital programme, which was monitored on a monthly basis, it was explained that the revised budget stood at £96.721 million with actual spend in the first 5 months at £22.035 million. The key areas of spend during the year were on Office Accommodation (£7.438 million) and Housing Renewal (£2.970 million). Other areas of the programme were profiled to be implemented during the remainder of the year.

Resolved:

That the contents of the report be noted.