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 on the financial position of the HRA Revenue and Capital Budgets for the 2023/24 financial year after nine months. The report also highlighted areas of risk, where certain budgets had been identified as being vulnerable to factors beyond the Council’s control and could result in potential deviations from budget, were subject to close monitoring by officers.

Members noted that the HRA had remained broadly stable throughout the financial year, however particular reference was made to:-

·         the significant challenges to the repairs and maintenance budget, which had significantly overspent by £1.1 million and there had been a number of substantial voids reported;

·         the HRA had attracted more investment interest than was anticipated when the budgets were set;

·         the capital charges were about £350,000 lower than budgeted for; and

·         repairs and maintenance would need close monitoring for reasons that the more spent in the revenue account would provide less available funding for capital projects.

Opposition group leaders spoke on the item and made the following points:-

·         Cllr Mitchell – enquired on whether there was a strategy in place to recover the repairs and maintenance situation and what the timescales would be to balance it.

·         Cllr Moore – enquired if the Portfolio Holder could report on the HRA budget, following conversations held at the Council Housing Advisory Board on the non- expenditure of sundry land maintenance in relation to trees and in respect of  property maintenance. She also enquired on what the final outcome of overspending would be with the likely increased demand for repairs.

The Portfolio Holder for Council Housing Development and Support Services advised that budget issues were being addressed at the appropriate level. Additional contracts were in place to allow repairs which needed to be completed. Voids were also being looked at to ensure that people could move in quickly to regain the rent charges. The Council Housing and Development Advisory Board received reports on these matters and full engagement was made. She requested that detailed questions be emailed to her and a response would be provided.

The Leader moved, and Councillor Denning seconded, the recommendations which were voted upon and CARRIED unanimously.

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.