Decision details

The Executive considered a report in respect of the final Housing Revenue Account (HRA) Budget and Rent Setting for 2024/25.

It was RESOLVED that the following proposals be recommended to Council on 24 January 2024:

1.          That Housing Revenue Account (HRA) dwelling rents be increased (week commencing 1 April 2024) by 7.7%.  This equates to an average increase of £8.56 for social rents, £13.30 for affordable rents and £10.09 for Low Start Shared Ownership homes per week (based on a 52-week year).

2.          That the 2024/25 service charges be approved, as set out in Paragraph 4.2 of the report.

3.          That the HRA budget for 2024/25, as set out in Appendix A to the report and as revised from the January 2024 draft budget report (as explained in Paragraph 4.8.1 of the report), be approved.

4.          That the 2024/25 growth options, as set out in Section 4.4 of the report, be approved.

5.          That the 2024/25 Fees and Charges, as set out in Appendix B to the report, be approved.

6.          That the minimum levels of balances for 2024/25, as shown in Appendix C to the report, be approved.

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

8.          That the contingency sum of £400,000, within which the Executive can approve supplementary estimates, for 2024/25 (unchanged from 2023/24) be approved.

9.          That the comments from the Overview and Scrutiny Committee, as set out in Paragraph 4.10.2 of the report, be noted.

10.      That key partners and other stakeholders be consulted and their views considered as part of the 2024/25 budget setting process.

Reason for Decision:  As contained in report.

Other Options considered:  As contained in report.