Issue - meetings

To consider the report of the Director Finance.

Agreed:

RECOMMENDED that Council approve (where applicable): -

(1)   the supplementary budgets of £333,000 as detailed in paragraph 8.4 of the report presented to the meeting;

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

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

Reason for Decision: As set out in the report.

The Executive received the report which advised Members of the major differences between the approved budget and the outturn for the financial year up to 31 March 2021 in respect of the Housing Revenue Account and the Council’s new build scheme’s revenue and capital budgets.

The Deputy Chief Finance Officer made particular reference to:-

·         the outturn position of the HRA showing a significant underspend of £6.8 million for 2020/21 as a result of the HRA not using revenue to fund capital projects in 2020/21, most notably the deferral of £5.2 million of revenue contributions to capital;

·         the revenue contribution toward capital financing would still be required in future years, resulting in no overall impact on the Medium Term Financial Plan; and

·         capital expenditure of £16.1 million including £7.3 million towards investment in existing stock and £8.8 million investment in the provision of new council homes.

In response to a question from a Member, the Deputy Chief Finance Officer, confirmed that the HRA was a ring fenced account with no cross subsidy to the General Fund.

RECOMMENDED that Council approve (where applicable): -

(1)        the supplementary budgets of £333,000 as detailed in paragraph 8.4 of the report;

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

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