Issue - meetings

A report from the Executive Director Resources is attached. (Key decision – reference number 5329)

Councillor Mary Maguire (Cabinet Member for Finance & Procurement) introduced the report of the Executive Director Resources setting out the outturn position of the Housing Revenue Account (HRA) for 2020/21.

NOTED

1.    The Better Council Homes programme and Development Strategy had continued to be delivered during the Covid-19 pandemic.

2.    The actual positions were set out against forecasts.

3.    The reprofiling of HRA programmes were set out from paragraph 30 of the report and in Appendix A; and Appendices B and C set out further analysis of the revenue outturn position.

4.    Investment and achievements despite the pandemic were highlighted, together with the success of Enfield Repairs Direct, and continued commitment to improving Council housing stock.

Alternative Options Considered: 

Not relevant in the context of this report.

DECISION:  The Cabinet agreed to note:

1.  Total expenditure on the HRA Capital Programme for 2020/21 is £54.269m, against the Period 8 forecast of £74.871m, as detailed from paragraph 25 of the report.

2.  The total reprofiling of £20.602m on the HRA programmes.

3.  Project outcomes for the HRA programmes from paragraph 30 of the report.

4.  Variance analysis for the HRA programmes from paragraph 71 of the report.

5.  Funding of the HRA capital expenditure for 2020/21 as detailed in Table 3.

6.  The reprofiling of the planned capital receipt for Nicholls House of £2.1m in favour of additional grant of £0.750m and revenue generating HRA units over the life of the 30 year business plan and beyond.

7.  Additional GLA grant of circa £14m and the recycling of Right To Buy (RTB) receipts of circa £8m to fund future capital projects.

8.  The HRA revenue outturn position of £1.165m positive variance to budget, excluding the impact of Covid-19, shown in Table 4.

9.  The revenue Covid-19 impact of £1.688m to be met by Covid-19 grant, shown in Table 4.

10.  The overall HRA revenue outturn position of £0.523m, an increase from Quarter 3 estimated outturn position of £0.208m, with variance analysis from paragraph 83 of the report.

Reason: 

1.  To update Cabinet on the year end HRA Capital Programme position, including project outputs.

2.  To update Cabinet on the year end HRA Revenue position, including variance analysis.

(Key decision – reference number 5329)