Issue - meetings

To consider the report of the Director Finance.

Agreed:

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

1)    the supplementary budget of £300,000 as detailed in paragraph 8.5 of the report;

2)    the HRA financial position for 2022/23 financial year;

3)    the revision of the HRA Capital Programme to reflect the reported variations detailed in Appendix 3 of the report; and

4)    the Social Housing Decarbonisation Fund capital project as detailed in paragraph 8.14 of the report.

Reason for Decision: As set out in the report.

The Executive received the report which advised on the major differences, by management unit, between the approved budget and the outturn for the financial year up to 31 March 2023 in respect of the Housing Revenue Account and the Council’s new build schemes.

Although the HRA had faced similar reported financial challenges relating to the Pay Award and higher energy and inflation costs, there had been an improved financial position for the HRA, relating to the higher interest rate earned from the HRA balances. The balances included the HRA working balance, the major repairs reserve balance and HRA capital receipts balance.

Particular reference was made to

·         the HRA Capital Programme, which had spent £13.6 million with £10.3 million spent for improvement to existing housing stock and £3.3 million for new housing projects;

·         higher interest rates were a challenge for future project viability, and new build projects were likely to struggle to cover borrowing costs

·         at year end, the HRA had a balanced budget and maintained its working balance of £4 million as a contingency against financial risk.

Councillor Jobson, as an opposition group leader, had submitted questions, which were tabled at the meeting and appended to the minutes.

The Portfolio Holder for Council Housing Development and Support Services welcomed the report and noted the new funding for decarbonisation. She also highlighted that the Council had won two awards for the South West Landlord of the year and for the best Decarbonisation project in the South West.

The Leader also welcomed the awards and advised on the recent awards received for Edwards Court and St. Sidwell’s Point.

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

1)    the supplementary budget of £300,000 as detailed in paragraph 8.5 of the report;

2)    the HRA financial position for 2022/23 financial year;

3)    the revision of the HRA Capital Programme to reflect the reported variations detailed in Appendix 3 of the report; and

4)    the Social Housing Decarbonisation Fund capital project as detailed in paragraph 8.14 of the report.