That:

1)        the budget monitoring position for the month ending 30 September 2017 be noted;

2)         the operational update for the period to 30 September 2017 be noted.

(Councillors David Lee, Norman Jorgensen, Charles Margetts and Stuart Munro declared personal interests in this item)

The Executive considered a report which provided the budget monitoring position of the Council Owned Companies and an operational update for the period ending 30 September 2017.

The Deputy Executive Member for Finance presented the report and highlighted a number of areas including the financial performance of the companies and the success of the housing subsidiaries which had been set up to provide affordable housing across the Borough and generate a financial return for the Council.  Councillor Margetts advised that the housing bodies were now well established and this year alone Wokingham Housing Ltd had handed over 125 homes to its sister companies Loddon Homes and Berry Brook Homes and would generate a profit of £1.1m.  Next year 60 homes at a profit just short of £1m. 

Councillor McGhee-Sumner asked whether there had been any impact following the slight delay of handing over the final houses.  Councillor Margetts confirmed that there had been no impact as the additional cost had been reclaimed from the developers as per the contract.  It was also confirmed that 58 people had so far moved into Phoenix Avenue.

RESOLVED that:

1)        the budget monitoring position for the month ending 30 September 2017 be noted;

2)         the operational update for the period to 30 September 2017 be noted.