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 Quarter 3 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 third quarter of 2017/18 was presented for the Executive’s consideration.

The Head of Function (Resources)/Section 151 Officer reported that the revenue side of the HRA is largely on budget whilst there is some slippage on the capital side. It was anticipated originally that the HRA Reserve balance would decrease from £7.5m to £2.8m as balances are used to fund capital expenditure. Due to the slippage in capital expenditure the forecast HRA reserve balance at 31 March, 2018 is now approximately £5.6m. However, the funding will still be available for capital purposes in 2018/19 and will be used to develop new council housing on the Island.

It was resolved to note the position set out in respect of the financial performance of the Housing Revenue Account (HRA) for Quarter 3 2017/18.