Agenda item

Joint report of the Chamberlain and the Executive Director, Community & Children’s Services.

The Committee considered a joint report of the Chamberlain and Executive Director, Community & Children’s Services concerning the annual submission of the revenue and capital budgets.

Members were informed that the overall financial position of the ring-fenced HRA remains challenging, with a relatively low level of reserves projected for the end of 2025-2026. The balanced budget for 2025-2026 shows an increase in expenditure mainly related to employee costs and repairs, which is broadly offset by an increase in expected service income due to the inclusion of new rental income from Black Raven Court. There were questions and comments from Members regarding the overall exposure of the Corporation's properties and the need for a comprehensive view of the financial challenges across the entire portfolio. Officers noted ongoing conversations with Members on the way forward and the need to reflect the national challenge faced by HRAs.

RESOLVED – That Members,

a)               Review the provisional 2025/26 revenue budget to ensure that it reflects the Committee’s objectives and, approve the proposed budget for submission to the Finance Committee.

b)               Review and approve the draft capital budget.

c)                Authorise the Chamberlain to revise these budgets to allow for further implications arising from departmental reorganisations and other reviews.