Issue - meetings

HRA Budget Monitoring Report

Meeting: 06/10/2020 - Executive (Item 100)

100 2020/21 HRA Budget Monitoring Report - Quarter 1 pdf icon PDF 393 KB

To consider the report of the Director Finance.

 

Additional documents:

Decision:

Agreed:

 

RECOMMENDED that Council notes and approves (where applicable):-

 

(1)  the HRA forecast financial position for 2020/21 financial year; and

 

(2)  the revision of the HRA Capital Programme to reflect the reported variations detailed in Appendix 4 of the report.

 

Reason for Decision: As set out in the report.

 

 

Minutes:

The Executive received the report on the overall financial position of the HRA Revenue and Capital Budgets for the 2020/21 financial year after three months. Members noted the identified vulnerable budgets and the budgetary over/under-spends detailed in the report. The budgets marked as at risk were explained as factors beyond the control of the Council, which may result in deviations from budget and were subject to close monitoring by officers.

 

Particular reference was made to the Council taking out a loan of £15.4 million from the Public Works Loan Board (PWLB) to support its social housing programme. The Council was therefore taking advantage of the new, discounted PWLB rate enabling it to borrow at 1% below the normal borrowing rate.

 

The Portfolio Holder for Housing Development and Services announced that the Council had successfully bid for a Government grant of £600,000 to roll out a retrofit programme for Council houses which would commence within the next two weeks and thanked the housing team for their work on the bid.

 

RECOMMENDED that Council notes and approves (where applicable):-

 

(1)  the HRA forecast financial position for 2020/21 financial year; and

 

(2)  the revision of the HRA Capital Programme to reflect the reported variations detailed in Appendix 4 of the report.