Agenda item

To receive a report from the Director of Finance, Assets & Resources presenting a financial update in respect of the income and expenditure so far in the year.

The Group had before it, and NOTED, a report * from the Director of Finance, Assets & Resources presenting a financial update in respect of the income and expenditure so far in the year.

The following was highlighted within the report and discussion followed with regard to:

·         There was a General Fund Housing variance of £5k

·         There was a shortfall of £59k on dwelling rents income but it was explained that this was only a variance of 0.5% on what was expected at this stage in the year.

·         There was a £76k underspend in Repairs and Maintenance.

·         Agency costs were sometimes incurred as a result of seasonal repairs and maintenance pressures.

·         It was clarified that ‘RCCO’ stood for ‘Revenue Contribution to Capital Operations’.

Note: * Report previously circulated; copy attached to the signed minutes.