Decision Maker: Executive

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: Yes

Date of Decision: November 4, 2024

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.    

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