Decision

It was RESOLVED: -

1. 1.1          That the HRA Budget proposals for 2024/25 set out in this report, be endorsed for recommendation to Council on 20 February 2024.
2. 1.2          That a CPI + 1% increase of 7.7% for social rents, equivalent to an average rent increase of £7.92 and a RPI + 0.5% (9.4%) increase for affordable rent of £11.13, a week be implemented.
3. 1.3          That the RPI increase of 8.9% in garage rents, equivalent to an average rent increase of £3.83 or £4.71 (private rental), a month be implemented.
4. 1.4          That an increase of for sheltered housing service charges, equivalent to £49.12 a month, be implemented.
5. 1.5          That an increase for sheltered housing utility charges, equivalent to £28.95 a month, be implemented, following no utility increase for 3 years (from 2019/20).
6. 1.6          That in principle, Right to Buy (RTB) receipts should be retained within the Housing Revenue Account, to enable continued development and acquisition of new council dwellings.
7. 1.7          That it is recommended that the £6m PWLB loan due to be repaid in 2024/25 is repaid rather than refinancing at a higher interest rate.
8. 1.8          That the Revenue Contribution to Capital be increased from £4.48m to £5.572m

REASON FOR DECISION

To bring together all the relevant information to enable Cabinet Members to

review, consider and comment upon the Council’s General Fund budget for

endorsement and recommendation to Council

Alternative Options Considered and Rejected:

Setting a balanced budget is a statutory requirement: the budget figures presented in this report currently show a gap between forecast expenditure and income which needs to be resolved. Options for balancing the budget will be tabled at Cabinet for its consideration.

Any Declarations of Interests Declared: None

Any Dispensation Granted: None