Decision details

RESOLVED that:

A     The forecast net underspend of £160,000, comprised of a favourable operational variance of £273,000 and an adverse non operational variance of £113,000 (as identified in Appendix A of the report submitted) at 28 June 2015, be noted.

The HRA budget for 2015/16 totals £57,774,298 (as identified in Appendix B of the report submitted) including carryovers of £415,000, approved by Cabinet on 23 July 2015. The under spend therefore represents a variance of (-)0.28% of the total budget, with operational variances being (-)0.48% and non operational variances being 0.2% of the total budget.

B    The forecast balances at 31 March 2016, of £4,304,000 in respect of the Housing Revenue Account and nil in respect of the Major Repairs Reserve (as identified in Appendix C of the report submitted) are noted.

C    Cabinet approves a virement of £100,000 from various budgets within general management to the Right to Buy Social Mobility Fund Scheme to match fund a grant of £200,000 awarded by the Department of Communities and Local Government (as outlined in paragraph 5 of the report submitted).