Purpose

The
aims of the business plan are to clearly set out our priorities for
the management of our existing stock, describe how we are going to
create new houses in the HRA, how we are going to fund it, and what
the rents are going to be for the forthcoming year. The Business
Plan is prepared annually but looks 30 years ahead in terms of
modelling its cash flow.

Content

DECISION:
 

RESOLVED:

 
1. 
That authority be delegated to the Strategic
Director for Sustainable Growth and Development, in consultation
with the Section 151 and the Portfolio Holder for Planning and
Housing, to submit grant applications for the financial year
2024/25 and approve the acceptance of grants that are consistent
with the delivery of the Housing Revenue Account Business Plan and
provided that such applications are otherwise consistent with the
Financial Regulatory Framework and that any match funding can be
met from within the approved revenue or capital budget.
 
2. 
That authority be granted to the Strategic Director
for Sustainable Growth and Development, in consultation with the
Section 151 Officer, to authorise departures from the thresholds,
as set out in the Code of Practice for Land and Property
Transactions, to purchase additional newbuild or homes within warranty into the HRA for
affordable housing, subject to completion of satisfactory due
diligence, and consultation with the Monitoring Officer and the
Portfolio Holder for Planning and Housing, such departures being
limited to a maximum value of £3m in a single transaction or
linked transactions (per vendor), and not to exceed £3m on
any one site.
 
3. 
That authority be delegated to the Service Director
for Planning and Housing, in consultation with the Portfolio Holder
for Planning and Housing, the Section 151 Officer and the
Monitoring Officer, to approve variations to the Management
Agreement with Cornwall Housing Limited for the remainder of the
term of the Agreement and any associated costs in relation to
additional work undertaken by Cornwall Housing Limited on General
Fund or HRA activity (as Cornwall Housing Limited manage both
general fund and HRA housing assets on our behalf), subject to
compliance with the Council’s Financial Regulatory
Framework.
 
4. 
That the notion of Cornwall Housing Limited
consulting the market with a view to entering into partnership
contracts of up to 8 years for the delivery of the stock investment
is supported in principle, but that entering into such contracts
will need to follow the usual shareholder consent process, within
approved budgets. 

 

RESOLVED TO RECOMMEND TO COUNCIL:

1. 
That the Housing Revenue Account (HRA) Business Plan
and budget for 2024/25, as set out in Appendix 2 to the report, be
approved. 
 
2. 
That both social and affordable dwelling rents for
existing tenants increase by CPI (September 2023) plus 1% for the
2024/2025 financial year.
 
3. 
That both social and affordable dwelling rents for
new tenants on new lets to be charged at formula rents for new
tenants increase by CPI (September 2023) plus 1% for the 2024/2025
financial year.
 

 
Reason for the Decision: 
 
As contained within the
report.
 
Alternative options considered:
 
None other than contained
within the report.
 
Conflicts of interest declared:
 
None.
 
Dispensations granted in respect of a conflict of
interest:
 
N/A