The report provides information on the 2015/16 Housing Revenue Account projected outturn revenue and capital position as at June 2015.

1.      That the Revenue forecast position which is to achieve a balanced budget with a contribution to Housing Revenue Account Reserves of £6.245M, thus strengthening the Council’s ability to invest and improve its stock of Council Houses, be noted.

2.      That the Capital forecast position of an indicative outturn underspend in the current year of £2.800 relating to the Croft Green Development, be noted.

3.      That the monitoring of Right to Buy sales for the possible impact on predicted surpluses in the medium to longer term be noted.

The Executive considered a report from the Executive Member for Corporate Resources and the Executive Member for Social Care and Housing that set out the 2015/16 Housing Revenue Account projected outturn revenue and capital position.  The revenue forecast position projected a year end surplus of £6.245m compared to a budgeted surplus of £6.509m, a reduction of £0.264m.  The projected underspend related to the Croft Green development where significant work was unlikely to commence until 2016/17.

Reason for decision:  To facilitate effective financial management and planning.

RESOLVED

1.      that the Revenue forecast position which is to achieve a balanced budget with a contribution to Housing Revenue Account Reserves of £6.245M, thus strengthening the Council’s ability to invest and improve its stock of Council Houses, be noted;

2.      that the Capital forecast position  of an indicative outturn underspend in the current year of £2.800m relating to the Croft Green Development, be noted;

3.      that the monitoring of Right to Buy sales for the possible impact on predicted surpluses in the medium to longer term be noted.