Issue - meetings

To consider a report for recommendation to Council concerning the 2018/2019 Housing Revenue Account and Budget.

Report & Appendices attached

The Assistant Director (Finance & Estates) corrected a typographical error at paragraph 4.9.1 – the first line should read ‘Housing Revenue Account Growth’ and not ‘General Fund Growth’ as quoted.

It was noted that comments from the Council’s Housing Management Advisory Board and the Overview & Scrutiny Committee have been included in the report.

With reference to paragraph 5.4.8 of the report, the Executive was informed that £50k had been included in the risk assessment of balances should the Council need to borrow to fund fire safety works for high rise blocks.

It was RESOLVED:

1. That Council be recommended to approve that HRA dwelling rents not subject to the 1% rent reduction (currently Low Start Shared Ownership LSSOs) be increased, week commencing 2 April 2018 by 4% i.e. £4.37 per week which has been calculated using the existing rent formula, CPI +1% in line with the Rent and Service Charge Policy approved at the January 2017 Council.

2. That Council be recommended to note that HRA dwelling rents, (other than those outlined in 2.1) are subject to the 1% rent reduction from week commencing 2 April 2018 or £0.95 and £1.62 per week for social and affordable rents respectively, as outlined in the Government’s Welfare Reform and Work Act 2016.

3. That Council be recommended to approve the Final 2018/19 HRA budget, as set out inAppendix A to the report and the revised 2017/18 budget of £2,802,250, (surplus).

4. That Council be recommended to approve the HRA Financial Savings options as outlined in Appendix B to the report.

5. That Council be recommended to approve the HRA Growth options as outlined in Appendix C to the report.

6. That Council be recommended to approve the HRA Fees and Charges as outlined in Appendix D to the report.

7. That Council be recommended to approve the 2018/19 service charges.

8. That Council be recommended to approve the minimum level of reserves for 2018/19 as shown in Appendix E to this report.

9. That the contingency sum of £250,000 within which the Executive can approve supplementary estimates, be approved for 2018/19 (unchanged from 2017/18).

Reason for Decision:  As contained in the report.

Other Options Considered:  As contained in the report.