Decision details

To provide Cabinet with an update in respect of the financial position and forecasts for the Housing Revenue Account, allowing review of financial assumptions, approval of mid-year budgetary changes and agreement of the budgets strategy for 2017/18 and beyond.

Cabinet

APPROVED   the HRA Medium Term Financial Strategy as set out in Appendix 1 to this report, including:

·      changes in financial assumptions as detailed in Appendix B to the HRA MTFS

·      mid-year revenue budget changes, as detailed in Appendix D to the HRA MTFS, which impact future forecasts for the HRA

·      mid-year capital budgets changes, as detailed in Appendix E to the HRA MTFS

·      update to the new build schemes included in the Housing Capital Investment Plan, incorporation of the latest budgetary figures in respect of new build schemes, and re-phasing of expenditure in line with anticipated build timetables

·      changes in anticipated receipt and use of capital resources for the HRA, as included in Appendix H to the HRA MTFS

·      recognition of the delegated decision to acquire a number of existing market homes, thus utilising retained right to buy receipts with the required timescales.