Issue - meetings

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

It was resolved to the note following –

·        The position set out in respect of the financial performance of the Housing Revenue Account (HRA) for Quarter 2 2018/19.

·        The forecast outturn for 2018/19.

The report of the Head of Function (Resources)/Section 151 Officer setting out the performance of the Housing Revenue Account for Quarter 2 2018/19 was presented for the Executive’s consideration.

The Portfolio Member for Finance presented the report to the Executive. It was noted from the report that the revenue position for Quarter 2 shows an overspend of £322k whilst capital expenditure is £1.6m below the profiled budget. The forecast deficit (combining both revenue and capital) is £5,501k less than the budget largely the result of lower than budgeted capital expenditure. The opening balance of the HRA Reserve stood at £7,407k. Although the budget allowed for the use of £6,050k of this balance, the forecast underspend on the capital budget together with the forecast overspend on the revenue budget will result in only £549k of the reserve being used. This will give a reserve balance of £6,858k by the end of the financial year which is ring-fenced to be used to fund future HRA expenditure only.

It was resolved to the note following –

•           The position set out in respect of the financial performance of the Housing Revenue Account (HRA) for Quarter 2 2018/19.

•           The forecast outturn for 2018/19.