To consider a report setting out information on capital expenditure and funding for the year compared with the latest budget position as reported to Council in February and July 2013.

The Council considered the submitted report setting out the recommendations of the Overview and Scrutiny Board in respect of the Council no longer giving loans to housing associations.  It was noted that a range of affordable housing schemes were underspent.  The Council also noted the views expressed at the Priorities and Resources Review Panel that affordable housing would have a positive impact on children and families in Torbay. 

It was proposed by Councillor Thomas (J) and seconded by Councillor Darling:

(i)         that the Mayor be requested to revisit his decision not to lend to housing associations given the need for affordable housing in Torbay and the income opportunities such lending provides;  and

(ii)        that the Council should ensure that the allocated spend for affordable housing is effectively utilised to achieve short and longer term outcomes for Torbay and that, should the Mayor not reconsider his position, the Council develop a Plan B as soon as possible to put to good use the money that the Council has borrowed but is in excess of its current requirements.

On being put to the vote the motion was declared carried.

The Mayor responded to the recommendation of the Overview and Scrutiny Board in (i) above at the meeting and in accordance with Standing Order D7.4 (in relation to Overview and Scrutiny).  The Mayor did not support the recommendation as he considered there was no commitment from housing associations that they would invest the funds within Torbay.