The report provides information on the 2018/19 Housing Revenue Account (HRA) projected outturn revenue and capital position as at September 2018.

1.      That the revenue forecast of a balanced budget with a contribution to HRA Reserves of £6.660M, be noted thus strengthening the Council’s ability to invest and improve its stock of Council Houses.

2.      To note that the capital forecast position indicates a net outturn of £22.838M, representing a positive variance against budget of £2.292M, with proposals for slippage of £2.265M.

3.      That the proposal that principal debt repayment, budgeted at £0.200M for 2018/19, should not occur, due to the recent announcements concerning the scrapping of the HRA debt cap and the potential to take out additional borrowing to build more homes.

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 Deputy Leader and Executive Member for Corporate Resources that set out the Housing Revenue Account projected outturn revenue and capital position as at September 2018.

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

RESOLVED

1.      that the revenue forecast of a balanced budget with a contribution to HRA Reserves of £6.660M, be noted thus strengthening the Council’s ability to invest and improve its stock of Council Houses;

2.      to note that the capital forecast position indicates a net outturn of £22.838M, representing a positive variance against budget of £2.292M, with proposals for slippage of £2.265M;

3.      that the proposal that principal debt repayment, budgeted at £0.200M for 2018/19, should not occur, due to the recent announcements concerning the scrapping of the HRA debt cap and the potential to take out additional borrowing to build more homes; and

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