Issue - meetings

To submit a report by the Head of Function (Resources)/Section 151 Officer.

It was resolved to note the positon set out in respect of the financial performance of the Housing Revenue Account (HRA) for Quarter 1 2017/18.

The report of the Head of Function (Resources) and Section 151 Officer setting out the position in respect of the financial performance of the Housing Revenue Account (HRA) for the first quarter of 2017/18 was presented for the Executive’s consideration.

The Portfolio Member for Finance reported that through the HRA the Council manages its housing stock and garages. The HRA budget includes funding for repairs and maintenance of the current stock as well as funding to develop a programme of new council housing on the Island. The HRA is ring-fenced and its reserves cannot be transferred to the General Fund. Whilst the report does note some areas of overspending on the HRA, it is expected that the end of year outcome will be in line with the budget. The HRA is in a healthy position.

The Head of Function (Resources) and Section 151 Officer confirmed that the HRA is by statutory requirement completely separate from the remainder of the Council’s accounts and cannot be used for any purpose other than the maintenance and development of the housing stock for which the Council is responsible.

It was resolved to note the positon set out in respect of the financial performance of the Housing Revenue Account (HRA) for Quarter 1 2017/18.