To consider the 2015/16 Housing Revenue Account financial Outturn (Revenue & Capital).

1.      That the provisional Revenue outturn be noted, including a balanced budget with a contribution to Housing Revenue Account (HRA) Reserves of £7.488M, thus strengthening the Council’s ability to invest and improve its stock of Council Houses.

2.      That the Capital provisional outturn, which is £5.736M lower than budget, be noted.

3.      That the deferred spend of £4.280M, as detailed in Table 2 of Appendix A, be approved.  These works relate to Future Investment (£3.888M) and Stock Protection (£0.392M).

4.      That it be noted that Right to Buy (RtB) sales are at a similar level to the previous financial year, resulting in a year end balance of unapplied capital receipts of £2.996M.

5.      That it be noted that as part of the funding of the Capital Programme there was a contribution of £7.074M from the Independent Living Development Reserve to fund spend at Priory View (£6.778M) and Houghton Regis Central (£0.296M).

6.      That it be noted that the net decrease in reserves is £1.104M, so that, at the year end, the HRA will have £19.452M of reserves available, of which £2.0M is identified as a minimum level of HRA Balances.

The Executive considered a report from the Executive Member for Corporate Resources that set out the 2015/16 Housing Revenue Account (HRA) provisional outturn financial position (subject to audit).  The report set out the spend against the revenue and capital budgets and provided an explanation for variations.

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

RESOLVED

1.      that the provisional Revenue outturn be noted, including a balanced budget with a contribution to Housing Revenue Account (HRA) Reserves of £7.488M, thus strengthening the Council’s ability to invest and improve its stock of Council Houses;

2.      that the Capital provisional outturn, which is £5.736M lower than budget, be noted;

3.      that the deferred spend of £4.280M, as detailed in Table 2 of Appendix A, be approved.  These works relate to Future Investment (£3.888M) and Stock Protection (£0.392M);

4.      that it be noted that Right to Buy (RtB) sales are at a similar level to the previous financial year, resulting in a year end balance of unapplied capital receipts of £2.996M;

5.      that it be noted that as part of the funding of the Capital Programme there was a contribution of £7.074M from the Independent Living Development Reserve to fund spend at Priory View (£6.778M) and Houghton Regis Central (£0.296M); and

6.      that it be noted that the net decrease in reserves is £1.104M, so that, at the year end, the HRA will have £19.452M of reserves available, of which £2.0M is identified as a minimum level of HRA Balances.