Issue - meetings

Committee to note the following and resolve to make any recommendations to the Executive:

·        The 2023/24 forecast outturn position for the Housing Revenue Account;

·        The emerging pressures and risks set out in the report;

·        The position regarding the HRA capital programme and New Development Scheme.

53.1     The Senior Accountant introduced the report. The Leader noted the debt Waverley had taken on to reacquire housing stock, the increased repair costs and the possibility of a cap imposed by the 2024 Autumn Statement, as well as the impact these have on officers’ ability to plan work. The Chair stated that these had been continuing trends for long periods across different political administrations.

53.2     Cllr Barker-Lomax requested that more benchmarking be included measures in these reports.

53.3     Cllr Atkins advised investigation of the causes of overspends in the Housing Revenue Account and noted the distinction between open market valuations and affordable values in the Gross Development Value calculation. Cllr Atkins asked if open market valuations were used. The Senior Accountant clarified that affordable value is employed in the asset register, and the open market valuation is used for the Gross Development Value as this is the standard across the sector, noting that steps are taken to ensure there is no impact on accounts. She stated that she would return to Cllr Atkins with more information on this topic.

53.4     The Chair asked about the outturn from the 2024/25 Business Plan compared to the expenditure in the approved budget. Officers stated that they would provide the Chair with a thorough breakdown, and that this year’s £100k variance is largely due to council tax and voids.

53.5     The Chair asked for comment on the Energy Efficiency Budget saving. It was noted this was largely due to an unfilled post, though filling it was necessary to deliver energy efficiency, and that the void rate of £113k is the forecast for 2023/24.

The Committee resolved to note the report and recommendations.