Decision details

Council RESOLVED that:

(a)               direction be sought from the Secretary of State (under section 74 of the Local Government and Housing Act 1989) that the Council’s residual interest in properties disposed of under pre-2006 equity share leases be removed from the Housing Revenue Account and transferred to the General Fund; and

(b)               an increase of £1,000,000 to the 2010/11 Capital Programme be approved for the re-purchase of equity share properties funded from either:

(i)                 capital receipts (up to 100% assuming that the direction at (a) is granted); or

(ii)                the balance from an increase in the Council’s borrowing limits.