The report presents the 2016/17 HRA provisional outturn financial position as at the end of March 2017 (subject to audit).

1.         That the provisional Revenue outturn position to achieve a balanced budget with a contribution to HRA Reserves of £7.190M be approved, thus strengthening the Council’s ability to invest and improve its stock of Council Houses.

2.         That the provisional Capital outturn, which is £5.813M lower than budget be approved.  It is proposed that works to the value of £4.009M are deferred to 2017/18.  These works relate to Future Investment (£3.706M) and Stock Protection (£0.303M).

3.         To note that Right to Buy (RtB) sales are at a similar level to the previous financial year, with retained receipts of £2.583M.  In addition sales of shared ownership properties generated £4.253M, resulting in a year end balance, after funding of the Capital programme, of unapplied capital receipts of £6.473M.

4.         To note that there was a contribution of £1.296M from the Independent Living Development Reserve to fund spend at Priory View (£1.005M) and Houghton Regis Central (£0.291M).  A further contribution of £1.575M has been made from the Strategic Reserve, to fund the transfer of assets from the General Fund.

5.         That the net increase in reserves, which is £4.319m be noted.  At the year end, the HRA will have £23.771M of reserves available, of which £2.0M is identified as a minimum level of HRA Balances.

The Executive considered a report from the Deputy Leader and Executive Member for Corporate Resources and the Executive Member for Social Care and Housing that presented the 2016/17 Housing Revenue Account (HRA) provisional outturn financial position as at the end of March 2017.

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

RESOLVED

1.         that the provisional Revenue outturn position to achieve a balanced budget with a contribution to HRA Reserves of £7.190M be approved, thus strengthening the Council’s ability to invest and improve its stock of Council Houses;

2.         that the provisional Capital outturn, which was £5.813M lower than budget be approved.  It was proposed that works to the value of £4.009M be deferred to 2017/18.  These works relate to Future Investment (£3.706M) and Stock Protection (£0.303M);

3.         to note that Right to Buy (RtB) sales were at a similar level to the previous financial year, with retained receipts of £2.583M.  In addition sales of shared ownership properties generated £4.253M, resulting in a year end balance, after funding of the Capital programme, of unapplied capital receipts of £6.473M;

4.         to note that there was a contribution of £1.296M from the Independent Living Development Reserve to fund spend at Priory View (£1.005M) and Houghton Regis Central (£0.291M).  A further contribution of £1.575M had been made from the Strategic Reserve, to fund the transfer of assets from the General Fund; and

5.         that the net increase in reserves, which was £4.319m be noted.  At the year end, the HRA would have £23.771M of reserves available, of which £2.0M was identified as a minimum level of HRA Balances.