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Decision details

Housing Revenue Account (HRA) business plan and budget options

Decision status: Recommendations approved

Is Key decision?: Yes

Is subject to call in?: Yes

Decision:

1.     That the HRA Business 30 year Business Plan for 2021-22 to 2050-51 be approved, as summarised in the Operating Account included as appendix 4 to CAB3325.

 

2.     That the projected 30 year HRA capital programme of £873m be supported, an increase of £41m on the present plan, subject to the approval of individual schemes, and the proposed long term funding strategy that will see overall borrowing of £368m in year 30 subject to the final detailed HRA budget and the Capital Strategy being approved by Council in February 2021.

 

3.     That it be noted that the business plan is viable and sustainable and will support the council’s ambitious delivery of 1,000 new affordable homes over the next ten years. The proposed plan provides sufficient funds over the 30 years to deliver in total over 1,700 new affordable homes in total.

 

4.     That the proposal to fund £0.3m new initiatives around the Housing White Paper – “The charter for social housing residents” be supported and additional resources be invested in the capacity of the new homes delivery team, the decent homes team and Neighbourhood/Estate Management.

 

5.     That the proposal to increase the revenue funding for planned and reactive repairs by £0.5m be supported, to reflect both increased budget pressures and the cost of delivering an improved void standard to properties prior to letting.

 

*That Cabinet recommend that Council at the February Budget meeting:

 

6.     Approve a dwelling rent increase in accordance with option 2 as set out in the report CAB3325, based upon September Consumer Price Index, resulting in a rent increase of 3.1% from April 2022 (rather than the national guideline for social housing rents of CPI+1%).

 

*NB Recommendations to Council are not subject to call-in

 

 

Report author: Dick Johnson

Publication date: 24/11/2021

Date of decision: 23/11/2021

Decided at meeting: 23/11/2021 - Cabinet

Effective from: 03/12/2021

Accompanying Documents:

 

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