The report covers the Council’s financial performance as at Period 9 (December 2023) for the General Fund, Housing Revenue Account (HRA) and the Capital Programme.
The report will request approval to reprofile £2.071m budget within the Housing Revenue Account (HRA) capital programme, moving the capital budget from 2024-25 to 2023-24. This is to align with the acquisition of the Belgrave and Grosvenor site and freehold of the previous Printworks site on Portland Place from Brick By Brick in March 2024.
The overall multi-year HRA capital programme budget remains the same as agreed by Full Council in March 2024 and the acquisition continues to be funded through HRA reserves. The acquisition was agreed by Cabinet on 26 July 2023 through the “Brick by Brick Croydon Ltd Update Report and land acquisition by HRA - July 2023” report.
Decision type: Key
Reason Key: Expenditure > £1,000,000;
Decision status: Recommendations Approved
Wards affected: (All Wards);
Notice of proposed decision first published: 29/02/2024
Reason for urgency:
The monthly financial performance report is not normally a key decision report. The Period 9 report is a key decision report because it includes approval of a change to capital budgets above £1m. The earlier acquisition from Brick By Brick in 2023-24 provides better value for money in terms of cashflow and debt implications for the Council.
Financial Impact: Expenditure or savings of up to £5,000,000;
Decision due: 27 Mar 2024 by Cabinet
Lead member: Cabinet Member for Finance
Lead director: Corporate Director of Resources (Section 151)
Department: Resources Directorate
Contact: Allister Bannin, Director of Finance (Deputy S151) Email: allister.bannin@croydon.gov.uk.