Agenda item

(The Director of Housing) To consider the attached report (CHB-012-2013/14).

(1)        That the format and production of a suite of Standard Financial Report templates for the Council Housebuilding Programme - to be considered by the Cabinet Committee at each meeting - be approved, subject to a more printer friendly presentation;;

(2)        That the explanation in the report, on the information provided within each Financial Report, be attached as an appendix to future reports to the Cabinet Committee, to provide a helpful background guidance note for members;

(3)        That the current financial position be noted, in respect of:

(a)        The overall financial summary for the Housebuilding Programme and use of the various subsidies (Appendix 1);

(b)        The amount and use of additional “Replacement Right to Buy (RTB) Receipts” available for utilisation under the Government’s “one-for-one replacement” scheme (Appendix 2);

(c)        The amount and use of financial contributions available to the Council Housebuilding Programme from Section 106 Agreements, in lieu of the provision of on-site affordable housing on private development sites, (Appendix 3);

(d)        The amount and use of other sources of funding (e.g. sales of HRA land and non-RTB property, and external funding) (Appendix 4);

(e)        Payments made to both contractors and East Thames, in respect of works and fees for the Housebuilding Programme (Appendices 5 & 6);

(f)         Payments made to the contractor and the Development Agent in respect of works and fees for the Marden Close / Faversham Hall Conversion Scheme, and the overall financial summary for the Scheme (Appendix 7);

(4)        That the Cabinet Committee’s first draft Annual Report to the Cabinet on the progress made with the Council Housebuilding Programme and the associated expenditure be considered at the Cabinet Committee’s next meeting, for submission to the following meeting of the Cabinet; and

(5)        That the Director of Housing in conjunction with the Housing Portfolio Holder be delegated to seek HCA Investment Partner Status for the Council to utilise for future developments.

The Director of Housing presented a report regarding the proposed format and content of monitoring reports on expenditure and other financial information relating to the Council’s Housebuilding Programme. He advised that the data would be updated regularly and explained that Appendix 1 was the main summary. He advised that a suite of financial report templates had been developed and would be reported to each meeting of the Cabinet Committee. He therefore sought views on the proposed format.

Members noted that there were 7 proposed Appendices as follows:

Appendix 1      Main Summary

Appendix 2      RTB Receipts

Appendix 3      S106 Contributions

Appendix 4      Other Funding

Appendix 5      Cashflow Summary

Appendix 6      Payment Schedule

Appendix 7      Marden Close & Faversham Hall Conversion - Financial Summary

Decision:

(1)        That the format and production of a suite of Standard Financial Report templates for the Council Housebuilding Programme - to be considered by the Cabinet Committee at each meeting - be approved, subject to a more printer-friendly presentation;

(2)        That the explanation in the report, on the information provided within each Financial Report, be attached as an appendix to future reports to the Cabinet Committee, to provide a helpful background guidance note for members;

(3)        That the current financial position be noted, in respect of:

(a)        The overall financial summary for the Housebuilding Programme and use of the various subsidies (Appendix 1);

(b)        The amount and use of additional “Replacement Right to Buy (RTB) Receipts” available for utilisation under the Government’s “one-for-one replacement” scheme (Appendix 2);

(c)        The amount and use of financial contributions available to the Council Housebuilding Programme from Section 106 Agreements, in lieu of the provision of on-site affordable housing on private development sites, (Appendix 3);

(d)        The amount and use of other sources of funding (e.g. sales of HRA land and non-RTB property, and external funding) (Appendix 4);

(e)        Payments made to both contractors and East Thames, in respect of works and fees for the Housebuilding Programme (Appendices 5 & 6);

(f)         Payments made to the contractor and the Development Agent in respect of works and fees for the Marden Close / Faversham Hall Conversion Scheme, and the overall financial summary for the Scheme (Appendix 7);

(4)        That the Cabinet Committee’s first draft Annual Report to the Cabinet on the progress made with the Council Housebuilding Programme and the associated expenditure be considered at the Cabinet Committee’s next meeting, for submission to the following meeting of the Cabinet; and

(5)        That the Director of Housing in conjunction with the Housing Portfolio Holder be delegated to seek HCA Investment Partner Status for the Council to utilise for future developments.

Reason for Decision:

The Cabinet Committee needed to ensure that budgets, costs and expenditure were properly monitored, to enable corrective action to be taken at the earliest opportunity when necessary.

Other Options Considered and Rejected:

(1)        Not to have regular Financial Reports presented to the Cabinet Committee;

(2)        To have Financial Reports presented at different intervals; and

(3)        To provide different Financial Reports presented to those proposed.