Issue - meetings

To submit a report by the Director 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 2019/20.

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 2019/20 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 2019/20 are provided in Appendix A to the report and show that the account was underspent by £1k on the revenue side with income £264k better than the original budget and expenditure £263k above the original budget. Capital expenditure was £2,305k below budget as detailed in Appendix B to the report. The deficit combining both revenue and capital is £2,316k less than the budget producing a surplus of £209k.

The Head of Function (Resources)/Section 151 Officer advised that whilst the revenue side of the Account was more or less on budget, the capital side was affected by the lockdown towards the end of March; whereas normally a great deal of work would be undertaken on housing projects in March, the final two weeks of the month this year saw sites being closed as lockdown restrictions were introduced. The final balance of the HRA at the end of the 2019/20 financial year was £8,597k; this is ring-fenced and is available to fund 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 2019/20.