Decision details

It was RESOLVED:

1.         That, for modelling purposes, fees and charges increases are in line with inflation.

2.         That, for modelling purposes, the updated inflation assumptions used in the Medium Term Financial Strategy (Paragraph 4.5.1 refers) be approved.

3.         That the Capital Programme assumptions contained within the report be approved for the existing programme and new build properties and incorporated into the 2020/21 budget.

4.         That officers review responsive repairs spend, taking into account the anticipated impact of the planned maintenance programme and the delivery of the 2% repairs efficiency target (Paragraphs 4.3.5 and 4.4.7 of the report refer).

5.         That borrowing to fund capital projects in 2020/21 of £23.8Million be approved and that future years are considered annually in line with anticipated expenditure.

6.         That the minimum level of balances for the HRA Business Plan, set as a minimum £3Million plus inflation (Paragraph 4.4.7 of the report refers), be noted.

7.         That the creation of a reserve of £5Million, to mitigate against future interest rate volatility and a reserve to accommodate future debt repayment, be noted.

8.         That if material changes to forecasts are required following further Government announcements, the Assistant Director (Finance and Estates) be requested to revise the Medium Term Financial Strategy and re-present it to the Executive for approval.

9.         That the revised HRA MTFS principles be approved.

10.      That the Trade Unions and staff be consulted on the key messages contained within the Medium Term Financial Strategies and more specifically when drawing up any proposals where there is a risk of redundancy.

Reason for Decision:  As contained in report.

Other Options considered:  As contained in report.