Issue - meetings

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

It was resolved to note the following –

·        The position set out in respect of the financial performance of the Housing Revenue Account (HRA) for Quarter 3 2018/19.

·        The forecast outturn for 2018/19.

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 third quarter of 2018/19 was presented for the Executive’s consideration.

The Portfolio Member for Finance reported that the revenue financial position for the HRA at Quarter 3 shows an underspend of £110k. The capital expenditure is £4.1m below the profiled budget. The forecast surplus (combining both revenue and capital) is £7.9m better than the budget largely as the result of lower than budgeted capital expenditure. The HRA is ring-fenced and its reserves cannot be transferred to the General Reserve Fund meaning they cannot be put to any use that is not related to the Council’s housing stock.

The Head of Function (Resources)/Section 151 Officer reported that the HRA reserve balance is earmarked for new housing investment which will be outlined in the 30 year HRA Business Plan due to be presented to the Executive in March, 2019. 

It was resolved to note the following –

•          The position set out in respect of the financial performance of the   Housing Revenue Account (HRA) for Quarter 3 2018/19.

•          The forecast outturn for 2018/19.