Issue - meetings

To receive a verbal update on proposed changes to the HRA Subsidy.

That the verbal update be noted.

The Chief Officer (Community & Enterprise) advised that confirmation had been received that the Welsh Government (WG) had reached agreement with the Treasury of the final settlement amount of £919m to enable the 11 stock-retaining Councils to exit the Housing Revenue Account Subsidy (HRAS) system.  Flintshire’s share of this amount was just under £80m.

In line with WG requirements on borrowing, there was a need for some remodelling work to be carried out by treasury management colleagues before the agreement could be signed.  All 11 Councils were expected to sign the agreement.  The Chief Officer praised the team effort by all involved in reaching this stage.  A final update would be reported to the next meeting in March 2015.

Councillor George Hardcastle thanked the Cabinet Member, Chief Officer and her team for their hard work.

RESOLVED:

That the verbal update be noted.