The Interim Chief Officer – Finance, Performance and Change submitted 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 outturn for 2020-21 (Appendix A to the report)

· provide an update of the capital position for 2021-22 as at 30 June 2021 (Appendix B)

· seek approval for a revised capital programme for 2021-22 to 2030-31 (Appendix C)

· note the projected Prudential and Other Indicators for 2021-22 (Appendix D)

The report provided Members with an update on the Council’s capital programme for 2020-21. The original budget approved by Council on 26 February 2020 had been further revised and approved by Council during the year to incorporate budgets brought forward from 2019-20 and any new schemes and grant approvals. The most recent programme for 2020-21, approved by Council in February 2021 as part of the Medium Term Financial Strategy, totalled £35.440 million, of which £12.419 million was met from Bridgend County Borough Council (BCBC) resources, including capital receipts, revenue contributions from earmarked reserves and borrowing, with the remaining £23.021 million coming from external resources.

Appendix A provided details of the individual schemes within the capital programme, showing the budget available in 2020-21 compared to the actual spend. The revised programme was only approved in February 2021, so there had been few amendments since then other than the main changes outlined in paragraph 4.1.2 of the report.

The Interim Chief Officer – Finance, Performance and Change, confirmed that a total expenditure as at 31 March 2021 was £23.461 million which, after slippage of £14.376 million into 2021-22 and adjustments to grant funded schemes of £0.842 million, resulted in a total under spend of £0.139 million, which will be returned to Council funding.

A net slippage into 2021-22 of £14.058 million was required, for the main schemes as outlined in paragraph 4.1.4 of the report.

The next section of the report provided Members with an update on the Council’s capital programme for 2021-22 since the budget was last approved by Council and incorporated any new schemes and grant approvals. The revised programme for 2021-22, currently totalled £87.347 million, of which £53.067 million is met from Bridgend County Borough Council (BCBC) resources, including capital receipts, revenue contributions from earmarked reserves and borrowing, with the remaining £34.280 million coming from external resources, including General Capital Grant. Table 1 in the report showed the capital programme for each Directorate from the June 2021 approved Council position to quarter 1.

Table 2 in the report, then summarised the current funding assumptions for the capital programme for 2021-22. The capital resources are managed to ensure that maximum financial benefit for the Council is achieved. This may include the realignment of funding to maximise government grants.

Appendix B provided details of the individual schemes within the capital programme, showing the budget available in 2021-22 compared to the projected spend at 30 June 2021.

There were a number of amendments to the capital programme for 2021-22, such as new and amended schemes, since the capital programme was last approved. These were detailed in paragraph 4.2.4 of the report.

The last sections of the report, concentrated upon Prudential and Other Indicators 2021-22 Monitoring and Capital Strategy Monitoring and the Interim Chief Officer – Finance, Performance and Change, gave a resume of these for the benefit of Council.

The Deputy Leader thanked the Interim Chief Officer – Finance, Performance and Change and her team for securing the grants so applied for as part of the Capital Programme and looked forward to seeing some of the exciting schemes that were being pursued, including those that looked to decrease the Carbon footprint.

RESOLVED:                              That Council:

1. Noted the capital outturn for 2020-21 (Appendix A to the report)

2. Noted the Council’s Capital Programme 2021-22 Quarter 1 update to

30 June 2021 (Appendix B)

3. Approved the revised Capital Programme (Appendix C)

4. Noted the projected Prudential and Other Indicators for 2021-22

(Appendix D)