Decision Maker: Executive
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
To agree legacy adjustments to the Housing
Revenue Account (HRA).
The Executive RESOLVED
That (i) the additional work since the setting of the budget identifying the further £782k reduction in historic recharges to the Housing Revenue Account (HRA) be noted;
(ii) it be noted that this results in a cumulative adjustment of £2.9 million to the benefit of HRA reserves, improving the financial stability of the HRA;
(iii) it be noted that an impact on the General Fund of £2.1 million was included in the 2024/25 budget and that the further impact of £782k can be covered by the Capitalisation Direction provisionally approved by the Government; and
(iv) it be noted that the interest on balances of £460k will improve the HRA reserves and improve its viability. The impact on the General Fund can be covered by the Capitalisation Direction provisionally approved by the Government.
Reason: To correct the historic accounting treatment of recharges and interest receipts debited and credited to the HRA, increasing the HRA reserve balance accordingly.
Reason Key: It is likely to result in the Council incurring significant expenditure or savings.;
Wards Affected: (All Wards);
Recommend to Council?: No;
Consultees
Cllr Roberts, Portfolio Holder.
Contact: Stephen Fitzgerald, Strategic Director for Finance (Section 151 Officer) Email: stephen.fitzgerald@woking.gov.uk.
Report author: Stephen Fitzgerald
Publication date: 13/09/2024
Date of decision: 12/09/2024
Decided at meeting: 12/09/2024 - Executive
Effective from: 21/09/2024
Accompanying Documents: