Decision details

The Housing Revenue Account (HRA) Mid-Year Financial Review provides an opportunity to review the assumptions incorporated as part of the longer-term financial planning process, recommending any changes in response to new legislative requirements, variations in external economic factors and amendments to service delivery methods, allowing incorporation into budgets and financial forecasts at the earliest opportunity.

 

Decision of Executive Councillor for Housing

 

Following scrutiny and debate at Housing Management Board:

 

i.       Approved the Housing Revenue Account Mid-Year Financial Review attached, to include all proposals for changes in:

 

-      Revenue budgets as detailed in Sections 4 and 5, and summarised in Appendix E of the document.

 

-      Financial assumptions as detailed in Appendix B of the document.

 

Following scrutiny and debate at Community Services Committee:

 

 ii       To consider proposals for changes in housing capital budgets, as detailed in Sections 6 and 7 of the document, and summarised in Appendix F of the document, recommending the proposals for decision at Council on 24 October 2013.

 

Reason for the Decision

As set out in the Officer’s report.

 

Any Alternative Options Considered and Rejected

Not applicable.

 

Scrutiny Considerations

The Committee received a report from the Business Manager / Principal Accountant

 

The Committee made the following comments in response to the report:

 

(i)           Sought clarification on how the inflation predications had been calculated.

(ii)          Queried how the money from ‘Right to Buy’ sales would be spent.

(iii)        Questioned how the impact to the changes in policies to the ‘Right to Buy’ scheme had impacted in the financial planning process and if those changes had been under estimated.

(iv)       Questioned who would pick up the risk should the Government proposals to stop target rents take effect.

(v)          Acknowledged that there could be fewer estimated stock numbers of one bedroom houses available in the new financial year as the demand to downsize increases.

 

The Committee:

 

 Resolved by 9 votes to 0 to endorse the recommendations.

 

The Executive Councillor approved the recommendations.

 

Conflicts of Interest Declared by the Executive Councillor (and any Dispensations Granted)

No conflicts of interest were declared by the Executive Councillor.