The Chief Officer – Finance, Performance and Change presented a report, the purpose of which, was to:

• comply with the requirement of the Chartered Institute of Public Finance and Accountancy’s (CIPFA) ‘The Prudential Code for Capital Finance in Local Authorities’ (2017 edition);

• provide an update on the capital programme position for 2022-23 as at 30 September 2022 (Appendix A to the report);

• seek approval for a revised capital programme for 2022-23 to 2031-32 (Appendix B);

• note the projected Prudential and Other Indicators for 2022-23 (Appendix  C)

She explained that the Local Authorities (Capital Finance and Accounting) (Wales) Regulations 2003, as amended, contains detailed provisions on capital finance and accounting controls, including rules on the use of capital receipts and what is to be treated as capital expenditure. They modify accounting practice in various ways to prevent adverse impacts on authorities’ revenue resources.

The Chief Officer – Finance, Performance and Change, reminded Council that on 23 February 2022, it approved a capital budget of £69.979 million for 2022-23 as part of a capital programme covering the period 2022-23 to 2031-32. The programme was last updated and approved by Council on 20 July 2022.

This report provided an update on the following:

• Capital Programme monitoring quarter 2 2022-23;

• A revised Capital Programme for 2022-23 to 2031-32;

• Capital Strategy monitoring; &

• Prudential and other indicators

With regards to the Capital Programme 2022-23 Quarter 2 update, she referred Members to paragraph 4.1 of the report, which provided Members with an update on the Programme for this period since it was last approved by Council, and which incorporated any new schemes and grant approvals. The revised programme for 2022-23 currently totals £89.539 million, of which £54.043 million is met from Bridgend County Borough Council (BCBC) resources, including capital receipts and revenue contributions from earmarked reserves, with the remaining £35.496 million coming from external resources, including Welsh Government General Capital Grant.

The Chief Officer – Finance, Performance and Change, also referred then to the Tables on page 191 of the report, namely Table 1 that contained the Capital Programme per Directorate for 2022-23, with Table 3 summarising the current funding assumptions for the Capital Programme 2022-23.

Appendix A to the report, then provided details of the individual schemes within the Capital Programme, showing the projected spend at 30 September 2022 against the budget available.

She advised that a number of schemes had already been identified as requiring slippage of budget to future years (2023-24 and beyond). At quarter 2 the total requested slippage is £7.207 million, which comprised the schemes shown at paragraph 4.4 of the report.

In terms of the Capital Programme 2022-23 onwards, the Chief Officer – Finance, Performance and Change confirmed that since July 2022, a number of new externally funded schemes approved and internally funded schemes had been incorporated into the Capital Programme, as was illustrated in paragraphs 4.5 and 4.6 (of the report).

Paragraph 4.7 then made reference to the revised Capital Programme at  ...  view the full minutes text for item 48