Decision details

The Executive considered a report in respect of the draft Housing Revenue Account (HRA) Budget and Rent Setting for 2023/24.

It was RESOLVED:

1.          That the HRA rent on dwellings be increased, week commencing 3 April 2023, by 7%which is an average increase of £7.24 for social rents, £11.82 for affordable rents and £8.42 for Low Start Shared Ownership homes per week (based on a 52-week year).  This has been calculated in line with the Government’s change to rent policy announced in the Autumn Statement, as set out in Paragraph 3.3 of the report.

2.          That Council be recommended to approve the 2023/24 HRA budget, as set out in Appendix A to the report.

3.          That the 2023/24 growth options, as set out in Section 4.7 of the report, be approved.

4.          That Council be recommended to approve the 2023/24 Fees and Charges, as set out in Appendix B to the report.

5.          That Council be recommended to approve the 2023/24 service charges.

6.          That Council be recommended to approve the minimum level of reserves for 2023/24, as shown in Appendix C to the report.

7.          That the Rent Increases Equalities Impact Assessments, appended to the report in Appendix D, be noted.

8.          That Council be recommended to approve the increase to the 2022/23 Working Budget by £884,400, to fund pressures detailed at Paragraph 4.3.1 of the report.

9.          That the increase in tenant service charges to recover increased utility costs for the last 12 weeks of 2022/23, as set out in Paragraph 4.3.5 of the report, be approved.

10.       That it be approved that, due to the current volatility of the market, utilities charges be kept under close review throughout 2023/24.

11.       That the contingency sum of £250,000, within which the Executive can approve supplementary estimates, be approved for 2023/24 (unchanged from 2022/23).

Reason for Decision:  As contained in report.

Other Options considered:  As contained in report.