Issue - meetings

To consider the report of the Director Finance.

Agreed:

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

(1) the HRA forecast financial position for 2023/24 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.

The Executive received the report which advised on the financial position of the HRA Revenue and Capital Budgets for the 2023/24 financial year after three months and the reported budgetary over/under-spend. The report also highlighted areas of risk, where certain budgets had been identified as being vulnerable to factors beyond the control of the Council, which may result in potential deviations from the budget, and were closely monitored by officers.

Members were advised that the HRA was currently on target, with no significant issues expected. Members were reminded that the long term and medium term finances were still limited for new developments and maintaining the existing Council stock.

Councillor D. Moore, as an opposition group leader, spoke on this item and enquired whether the £4 million being transferred from revenue to capital, was already earmarked or was to be added to the reserves of the capital account?

In response to questions and points from Members, the Director Finance advised that the £4 million was not a transfer to a reserve and was expected to be used to finance the in-year capital programme. The HRA was self-financing, with rents from tenants being used to maintain and manage properties, and some revenue contributions could be used to enhance the tenant properties.

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

(1) the HRA forecast financial position for 2023/24 financial year; and

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