Issue - meetings

    To receive a report from the Chief Executive and Deputy Chief Executive.

Cllr Phil Alford, Cabinet Member for Housing, Strategic Assets, and Asset Transfer, presented a report on the proposed Housing Revenue Account (HRA) annual revenue budget, including rent setting, and the capital programme for 2024/25. It was stated in previous years the proposals had been included within the main budget report, but as a ringfenced account it had been agreed to consider the HRA proposals separately.

Details were provided of ongoing council house building and retrofitting programmes, and the consideration of the Housing Board of factors such as cost of living, rents being below those of other housing providers, and other cost factors.

Cllr Pip Ridout, Chairman of the Financial Planning Task Group, stated that additional training would be requested to improve ongoing understanding of the risks and monitoring of the HRA, with an approach to be agreed by the Overview and Scrutiny Management Committee and Environment Select Committee.

Cllr Gordon King thanked the Cabinet Member for the briefing provided, noting the importance of the report.

In response to queries Cllr Alford provided details of the proposed increase in rent, and the number of tenants it would impact being those who were not in receipt of universal credit, as well as rises in minimum wage being of a greater extent.

At the conclusion of discussion, it was then,

Resolved:

That Cabinet recommends Council:

a)    To note the draft budget estimates and proposals; 

b)   To approve the HRA Annual Revenue Budget for 2024/25 as described in the report and Appendix 1;

c)    To approve the increase of 7.7% (CPI+1%) to Dwelling Rents and Garage Rents for 2024/25;

d)   To approve the HRA Capital Programme for 2024/25 as described in the report and Appendix 2;  

e)    To note the reviewed and updated assumptions in the HRA 30-Year Business Plan as detailed in the report.

Reason

To enable the Cabinet to recommend to Council a balanced budget (capital and revenue) for the HRA for 2024/25, and in so doing continue to provide services to tenants and investment in their homes.

To enable effective, transparent decision making and ensure sound financial management of the HRA as part of the council’s overall control environment.