The report sets out the financial position for 2016/17 as at the end of June 2016.

1.      To note that the revenue forecast position is to achieve a balanced budget with a contribution to HRA Reserves of £5.346M, thus strengthening the Council’s ability to invest and improve its stock of Council Houses.

2.      To note that the capital budget is £15.589M (including £4.280M deferred from 2015/16) and that the forecast position indicates a new outturn of £12.250M, below budget by £3.399M.  It is proposed that this £3.339M of future investment works are deferred to 2017/18.

3.      To note that Right to Buy (RtB) sales will be monitored for the possible impact on predicted surpluses in the medium to longer term.

The Executive considered a report from the Executive Members for Social Care and Housing and Corporate Resources that provided information on the 2016/17 Housing Revenue Account (HRA) projected outturn revenue and capital position as at June 2016.

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

RESOLVED

1.      to note that the revenue forecast position was to achieve a balanced budget with a contribution to HRA Reserves of £5.346M, thus strengthening the Council’s ability to invest and improve its stock of Council Houses;

2.      to note that the capital budget was £15.589M (including £4.280M deferred from 2015/16) and that the forecast position indicates a new outturn of £12.250M, below budget by £3.399M.  It was proposed that this £3.339M of future investment works be deferred to 2017/18; and

3.      to note that Right to Buy (RtB) sales would be monitored for the possible impact on predicted surpluses in the medium to longer term.