Decision details

The Executive considered a report in respect of the Housing Revenue Account (HRA) Business Plan review 2023.

It was RESOLVED:

1.          That the 2023 revision of the Housing Revenue Account (HRA) 30 year Business Plan, as set out in the report and its appendices, be approved.

2.          That the revised approach to borrowing principles, as set out in Paragraph 4.3 of the report, be approved.

3.          That the level of balances for the HRA Business Plan, set as a minimum £10Million (uplifted for inflation for future years), and as set out in Paragraph 4.4.14 of the report, be noted.

4.          That the assumptions used for the Medium-Term Financial Strategy (as set out in Paragraph 4.4.1 of the report) and the growth and saving proposals (as set out in Paragraph 4.4.3 of the report) be incorporated into the 2024/25 budget.

5.          That the Capital Programme assumptions contained within the report be approved for the housing stock and new build properties and incorporated into the 2024/25 budget.

6.          That prudential borrowing to fund capital projects in 2024/25 of £18.8Million be approved, and that future years be considered annually in line with future anticipated expenditure.

7.          That additional HRA revenue budget of £176,000 in 2023/24 be approved to extend fixed term contracts for staff to the end of the 2023/24 financial year (as set out in Paragraph 4.4.5 of the report), and it be noted that this is within current Executive delegated limits.

8.          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.