Issue - meetings

To note the level of capital expenditure for the period April to December 2016.

If members of the Committee have any questions in relation to this update, please inform Terry Collier, Deputy Chief Executive, at least 24 hours in advance of the meeting.

The Committee received the Revenue Monitoring report providing the net revenue spend figures to the end of December 2016.

The Committee noted the forecast outturn at net expenditure level was £5.421m against the revised budget of £14.890m; which was a projected favourable variance of £9.468m. The Committee noted that after taking into account the use of carry forwards, the net overall position was approximately £9m favourable variance.

The Chief Finance Officer highlighted the reason for this dramatic change of position was as a result of purchasing the BP site in Sunbury. This resulted in a net rental income being received from the end of September 2016 onward. Additionally the Council was receiving income from the purchase of the BP South West Corner site and Elmbrook House, Sunbury.

Resolved to note the current net revenue spend and forecast position.

Councillor Williams

To note the current level of Revenue spend for the period April to December 2016.

Cabinet considered a report on revenue expenditure covering the period April to December 2016.

RESOLVED that Cabinet notes the current level of revenue spend.