Issue - meetings

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

It was resolved to note the position set out in respect of the financial performance of the Housing Revenue Account (HRA) for the financial year 2018/19.

The report of the Head of Function (Resources)/Section 151 Officer setting out the financial performance of the Housing Revenue Account for the financial year 2018/19 was presented for the Executive’s consideration.

The Portfolio Member for Finance reported that details of income and expenditure under the Housing Revenue Account for 2018/19 are provided in Appendix A to the report and show that the account was overspent by £121k on the revenue side with income £55k lower than the original budget and expenditure £66k above the original budget. Capital expenditure was £7.3m below budget as detailed in Appendix B to the report. The surplus combining both revenue and capital is £7.2m better than the budget which is largely the result of the lower than budgeted capital expenditure.

The Head of Function (Resources)/Section 151 Officer said that the balance of the HRA which was £8,387k at the end of the 2018/19 financial year is ring-fenced and will be used as a contribution to funding future HRA expenditure only.

It was resolved to note the position set out in respect of the financial performance of the Housing Revenue Account (HRA) for the financial year 2018/19.