Decision details

Consider the Housing Revenue Account Budget for 2023-24

Council

Agreed           to

Housing Revenue Account (HRA): Revenue

A)        Approve the HRA revenue budget for 2023/2024 as shown in the HRA Budget Summary as presented at Appendix A.

HRA: Review of Rents and Charges

B)        Approve that council dwelling rents for all social rented properties be increased by 7%, recognising that inflation measured by the Consumer Price Index (CPI) at September 2022, plus 1% would result in an increase of 11.1%, but that the government has introduced a cap on rent increases at 7% from April 2023.

C)        Approve that affordable rents (inclusive of service charge) are also increased by 7% in line with the increase for social rents.

D)        Approve that rents for affordable shared ownership properties are increased by 7% or RPI at January 2023 plus 0.5% whichever is the lower, from April 2023, recognising that although the government rent cap does not apply to this tenure, an increase of in excess of 7% may put undue financial pressure on these households.

E)        Approve that garage rents be increased by 7% in line with the increase for social rents.

F)        Approve the proposed service charges for HRA services and facilities provided to both tenants and leaseholders, as shown in Appendix D.

HRA: Capital

G)        Approve the required level of funding for new build investment between 2023/2024 and 2027/2028 to ensure that commitments can be met in respect of the investment of all right to buy receipts currently retained or anticipated to be received by the authority for this period. This expenditure will take the form of HRA new build, with the 60% top up met by other HRA resources.

H)        Approve the HRA Medium Term Financial Strategy forecasts as shown in Appendix B.

I)          Approve the Housing Capital Programme as shown in Appendix C.