Agenda item

Report of the Director of Community and Children’s Services.

The Committee noted the outturn for the Housing Revenue Account (HRA) in

2016/17 with the final agreed budget for the year.

· The total net transfer from reserves for the year was £1.963m, whereas

the final agreed budget assumed £0.236m, this was mainly a result of a

£2.0m higher than budgeted transfer to the Major Repairs Reserve

(MRR) to fund increased capital expenditure expected in 2017/18.

Revenue Reserves ended the year with a balance of £8.139m.

· The Major Repairs Reserve ended the year with a balance of £6.497m,

£2.712 more than expected, mainly due to the increased transfer from

the Revenue reserves of £2.0m and £0.7m lower capital expenditure.

Members were informed that a bid had been made to Central Government to helpf fund building new housing. The application had included  all schemes sufficiently far along to be reasonably certain of delivery.. As a result, the City of London Corporation were successful in winning £14.6 million which will be put towards eight schemes.

Resolved – that Members received the report.