Issue - meetings

A report from the Executive Director – Resources is attached. (Key decision – reference number 5250)

Councillor Mary Maguire (Cabinet Member for Finance and Procurement) introduced the report of the Executive Director – Resources informing Cabinet of the current outturn position of the HRA, covering both capital and revenue expenditure.

NOTED

1.            That this was the first quarter that the Housing Revenue Account (HRA) was being reported separately, as set out in the report.

2.            That Table 1 of the report summarised the HRA capital budget for the current financial year and, Table 2 analysed the HRA budget reprofiling. The impact of the pandemic was noted.

3.            The HRA capital programme forecast and expected outcomes for 2020/21 as set out in the report.

4.            The revenue forecast outturn provided within the report. The movements in outturn were explained in the report and Appendix B of the report. The level of HRA reserves had remained stable.

5.            The significant estate regeneration works as detailed in the report which would deliver much needed affordable housing and unlock new homes for low cost home ownership for Enfield residents. The Council housing investment programme was also highlighted and, the fire safety works. Significant work was being undertaken across the Borough as set out in detail in the report.

6.            The social value aspects of the works (paragraph 109 to 111 of the report referred) including apprenticeships; a local workforce; carbon reductions; and, addressing fuel poverty and energy consumption.

7.            Members welcomed the comprehensive programme of works and housing investment in the Borough. The Council’s ambitions regarding climate change and the positive environmental impacts being sought was commended. The provision of low cost and affordable housing in the Borough was welcomed.

8.            The detailed information provided on the estate renewal schemes in the Borough. It was noted that a level of uncertainty in funding had been introduced by GLA conditions and a decrease in grant funding with increased building costs. The programme had been re-profiled as necessary to meet delivery aspirations.

9.            The ongoing commitment to tackle crime and anti-social behaviour on the Council’s housing estates.

Alternative Options Considered: Not applicable to this monitoring report.

DECISION: The Cabinet agreed

1.            To note the Housing Revenue Account (HRA) and the forecast outturn position for 2020/21 for both revenue and capital.

2.            To approve the additional capital budget requirement of £85.8m, funded from the HRA reserves.

3.            To note the revenue Covid-19 impact of £0.208m.

4.            To note the review of the HRA Business Plan for 2021 (KD 5219 referred).

Reason: To advise Members of the current outturn position.

(Key decision – reference number 5250)