Item 23 - Capital Monitoring Report to period 5
West Dunbartonshire Council · 6 November 2024
Back to Infrastructure, Regeneration & Economic Development Committee — 6 November 2024 and its agenda
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WEST DUNBARTONSHIRE COUNCIL Report by the Chief Officer – Resources Infrastructure, Regeneration & Economic Development Committee: 6 November 2024 _________________________________________________________________ Subject: Infrastructure, Regeneration & Economic Development Capital Budgetary Control Report 2024/25 to Period 5 (31 August 2024) 1. Purpose 1.1 This report provides an update on the capital financial performance to 31 August 2024 of those services under the auspices of the Infrastructure, Regeneration & Economic Development Committee (IRED). 2. Recommendations 2.1 Committee is asked to: i) Note the current position of the 2024/25 IRED capital budget. ii) Approve the revised completion dates detailed in appendix 3. iii) Note an in-year surplus variance of £0.819m due to reprofiling (£1.050m) and additional budget of £0.231m 3. Background 3.1 On 6 March 2024 the Council approved the updated General Services Capital Plan for 2024/2025 to 2032/33. The three years from 2024/25 to 2026/27 were approved in detail with the remaining years being indicative. The budget agreed under the auspice of IRED Committee was £51.612m for 2024/25 and £215.153m for the project life budget. 3.2 Since then budget adjustments have taken place which result in a revised IRED capital budget as set out in Exhibit 1. ITEM 23
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Exhibit 1: Revised Capital Budget 2024/25 (£m) Project Life (£m) Capital Budget Agreed 6 March 2024 51.612 215.153 Reprofiling agreed at P3 (13.311) 2.488 Developers Contributions for Clydebank Can on the Canal 0 0.050 New Scottish Government Funding – Nature Restoration 0.034 0.034 New Scottish Government Funding – Cycling, Walking and Safer Streets 0.389 0.389 Add R&N 33 Creation of 3 new All Weather Pitches 0.500 2.250 Add RR14 Securing site to make safe AT 3 Castlegate Avenue 0.007 0.007 Reduction in Future Years Funding- RR 8 PBI 0 (0.943) Revised Capital Budget as at Period 5 39.231 219.428 4. Main Issues 4.1 Progress against the 2024/25 capital plan is detailed in: Appendix 1 – Project Life Summary by Chief Officer Appendix 2 – Off Track Projects Appendix 3 – Changes to Capital Plan for Noting Appendix 4 – All Approved Projects 4.2 Appendix 2 highlights one projects currently showing as off-track. Posties Park – which is due to delays on the project. The project is anticipated to be complete in November 2024 with final retentions being paid in 2025. 4.3 Appendix 3 highlights one project which requires to be reprofiled but there is no need for additional budget. 4.4 Appendix 4 shows all projects with approved in year and project life budgets as well as anticipated expenditure. It highlights that the 2024/25 budget is £39.231m with current forecast spend of £38.412m, a surplus variance of £0.819m mainly due to reprofiling (£1.050m) and additional budget of £0.231m. The spend as at period 5 is £8.675m (22.58%) of the current forecast spend of £38.412m. 5. Option Appraisal 5.1 No option appraisal was required for this report. 6. People Implications 6.1 There are no people implications.
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7. Financial and Procurement Implications 7.1 The report notes the projected in-year financial position for capital budgets. 8. Risk Analysis 8.1 The main risks are as follows: (a) The reported variances should be viewed in the knowledge that there are a number of variable factors which could arise between now and 31 March which could affect the year end results for capital budgets. (b) As a consequence of current market conditions, inflation is at an all-time high and interest rates continue to be volatile. To forecast for the full year costs budget assumptions have been required. These assumptions continue to change regularly and therefore it is likely the projected year end budgetary position will change from that reported. 9. Equalities Impact Assessment (EIA) 9.1 No equalities impact assessment was required in relation to this report. 10. Environmental Sustainability 10.1 No assessment of environmental sustainability was required in relation to this report. 11. Consultation 11.1 All services involved in delivering the capital budgets have been consulted in the compilation of this report. 12. Strategic Assessment 12.1 Proper budgetary control and sound financial practice are cornerstones of good governance and support Council and officers to pursue the strategic priorities of the Council’s current Strategic Plan. This report forms part of the financial governance of the Council. ______________ Laurence Slavin Chief Officer – Resources Date: 17 October 2024
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Person to Contact: Jackie Thomson Council Offices, Church Street, Dumbarton E-mail: jackie.nicolthomson@west-dunbarton.gov.uk Appendices: Appendix 1 - Project Life Summary Appendix 2- Off Track Projects Appendix 3 - Reprofiling and Acceleration of Projects Appendix 4 - Details of all Projects. Background Papers: General Services Capital Plan Update - Council 6 March 2024. Capital Monitoring Report – Council 28 August 2024. Wards Affected All Wards