Purpose

The report provides comparative
information on the Council’s Housing Revenue Account income and expenditure for
the period for the first half of the financial year.  Members are invited to consider the financial
performance and any corrective action that may be deemed appropriate.

 

The report provides summary
information on the overall spending position against the Housing Revenue
Account budgets in the current year.  Revenue
spending plans are currently showing a net overspend for the first half of the financial
year. This is expected to continue for the rest of the year and the proposed
payment into the prepayment of debt reserve is unlikely to be possible.

 

Actions are being taken to try
and address the trend with the HRA which is an issue across the country, not
just in Fareham.  However, the effect of
these will take some time to show in the figures.  It therefore remains appropriate to continue
to monitor financial performance closely over the remainder of the financial
year to ensure that any pressures do not adversely affect the services provided
to residents and customers, and the Council’s obligations to tenants.

 

 

Decision

RESOLVED that the Executive notes
the Housing Revenue Account Monitoring Report.