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

1.      That the revenue forecast position to achieve a balanced budget with a contribution to HRA Reserves of £23.314M, thus strengthening the Council’s ability to invest and improve its stock of Council Houses, be approved.

2.      That the capital forecast position indicates a net outturn of £11.837M, against a budget of £15.589M, be approved.  It is proposed that £2.586M of future investment works are deferred to 2017/18.

3.      That General Fund (GF) assets at Havelock Road in Biggleswade and Greenacres in Dunstable be transferred to the HRA, generating the equivalent of a capital receipt of £1.575M to the GF and enabling the HRA to provide accommodation solutions that will avoid temporary accommodation costs.

4.      That Right to Buy (RtB) sales be monitored for the possible impact on predicted surpluses in the medium to longer term.

The Executive considered a report from the Executive Member for Social Care and Housing and the Deputy Leader and Executive Member for Corporate Resources that set out the 2016/17 Housing Revenue Account (HRA) projected outturn revenue and capital position as at December 2016. 

The revenue forecast position projected a year end surplus of £6.578m compared to a budgeted surplus of £5.363m, an increase of £1.215m.  The capital forecast position was a net outturn below budget at £11.837m; this included deferred works of £4.280m from 2015/16 and it was proposed that £2.586m of future investment works were deferred to 2017/18.

Reason for decision:  To maintain rigour and transparency through the Executive’s regular public monitoring of the HRA budget.

RESOLVED

1.      that the revenue forecast position to achieve a balanced budget with a contribution to HRA Reserves of £23.314M, thus strengthening the Council’s ability to invest and improve its stock of Council Houses, be approved;

2.      that the capital forecast position indicates a net outturn of £11.837M, against a budget of £15.589M, be approved.  It was proposed that £2.586M of future investment works were deferred to 2017/18;

3.      that General Fund (GF) assets at Havelock Road in Biggleswade and Greenacres in Dunstable be transferred to the HRA, generating the equivalent of a capital receipt of £1.575M to the GF and enabling the HRA to provide accommodation solutions that would avoid temporary accommodation costs; and

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