The Cabinet considered a report of the Corporate Director for Corporate Services to move certain assets between the General Fund and the Housing Revenue Account, so as to better reflect their usage and therefore allow for the appropriate accounting.

Resolved:-

That under S122(1) of the Local Government Act 1972:

(i)  75 Southchurch Avenue be appropriated from the General Fund to the HRA; and

(ii)  The parking areas and garages on the Queensway site be appropriated from the HRA to the General Fund.

Reason for Decision

1. The appropriation of the garages and parking areas on Queensway should be undertaken as the garages and parking areas are no longer required for the “housing HRA” purposes for which they are held and such appropriation assists in site rationalisation prior to any redevelopment of the site.

2. The appropriation of the surplus general fund property should be undertaken as the property is no longer required for the “general fund” purposes for which it is held and such appropriation assists in bringing it back into use as affordable council housing.

Other Options

Given that 75 Southchurch Avenue is now surplus to its original requirement, rather than appropriate it into the HRA and let it, there is the option to sell on the open market.  There is, however, a known housing need for 75 Southchurch Avenue that would be difficult for the Council to meet if this property is not let. It is suggested that this overrides the potential for a capital receipt.

Note:- This is an Executive Function.

Eligible to call-in to Policy and Resources Scrutiny Committee

Executive Councillors:- Cllr Woodley and Cllr Norman