Purpose

To provide an updated position on the Housing
Revenue Account Business Plan. This is a financial model that takes
into account projected income and expenditure relating to the
Council's social housing stock, identifying priority investment
areas and discussing key risks.
Key decisions:
- approval to reallocate existing AHFN budget
to programme of buyback acquisitions funded by Right to Buy
receipts (c. £44m)
- to approve proposals to make refund payments
to tenants in relation to historic water rates

Decision

Decision
 
For the reasons set
out in the report and its appendices Cabinet RESOLVED to Agree:

i) 
To note the HRA Business Plan 2024 report at Appendix 1

ii) 
A £44m programme of acquisitions of around 125 new homes,
funded by 100% Right to Buy Receipts. This sum is reallocated from
the existing approved Affordable Homes for Newham 2 budget, and is
set out in detail at section 9 of this report.

iii) 
To approve the proposal to refund council tenants in relation to
historic fees relating to administration of water charges,
estimated total £7.96m
 
Alternatives
Considered
 

a) 
The HRA Business Plan is a live document and reflects an updated
position and current assumptions, reflecting economic circumstances
and the Council’s wider plans, including new homes and
regeneration schemes. Large schemes such as these are subject to
continuous development and evolution – the Business Plan is
regularly updated to reflect these changes.

b) 
As noted in this report, the operating and regulatory environment
is changing significantly and the Business Plan will be updated
regularly to take account of these.