Content

RESOLVED
that:-
 
1.            
Cabinet approve the Housing Revenue Account 2024-25
budget as detailed within Appendix 1, which will reduce the balance
on the HRA reserve from £28.175 million at 31 March 2024, to
£19.193 million at 31 March 2025; and note the indicative
budgets to 2027-28 which will reduce the balance of the HRA reserve
to £13.708 million;
2.            
Cabinet note that from 1 April 2024, social housing
rent will be increased by Consumer Price Index (CPI) plus 1.00% as
per the previously agreed Rent Standard. The budget detailed in
Appendix 1 assumes that rents will rise by CPI 6.70% plus 1.00%
with recoverable service charges also rising by CPI plus 1.00% for
the period 1 April 2024 to 31 March 2025;
3.            
Cabinet approve the increase of 7.70% for housing
rents from 1 April 2024 in line with the Government rent
standard;
4.            
Cabinet approve the increase of 7.70% for housing
service charges from 1 April 2024;
5.            
Cabinet approve the Non-Recurrent Growth Item
Hardship Fund of £0.350 million for 2024-25 to support NCC
tenants who may, due to their income, not be eligible to receive
any financial assistance through existing benefits (Housing
Benefit/Universal Credit/Discretionary Housing Payment) (detailed
in points 6.5 & 6.11);
6.            
Cabinet approve that any unspent balance in relation
to the Hardship Fund for 2023-24, can be carried forward as an
earmarked reserve into 2024-25 (detailed in point 6.5) and added to
the 2024-25 in-year budget allocation;
7.            
Cabinet note the indicative 30-year Housing Revenue
Account business plan as detailed within Appendix 1;
8.            
Cabinet approve the estimated pay inflationary
increase for 2024-25 of 4.00% totalling £0.447 million
(detailed in point 6.10);
9.            
Cabinet approve the Non-Pay Inflation Schedule for
2024-25 totalling £0.280 million (detailed in point
6.10);
10.         
Cabinet approve the Recurrent Growth as
follows:

 
a)      
Housing Disrepair of £0.275 million from 2024-25 to cover the
costs of housing disrepair mitigation and resolution; and note that
the budget will be reduced by £0.150 million after 5 years
(detailed in point 6.11).
b)      
Additional staffing budget of £0.367 million from 2024-25
(detailed in point 6.11).
c)      
Additional budget for consumable materials for void properties of
£0.159 million from 2024-25 (detailed in point
6.11).
11.      Cabinet
note the Recurrent Saving in relation to the Introduction of phased
Service Charges for Sheltered Housing tenants, with estimated
additional income of £0.120 million in 2024-25 (50.00%),
£0.180 million in 2025-26 (75.00%) and £0.240 million
2026-27 (100.00%) as agreed within the budget and MTFP 2023-24
(detailed in point 6.12);
12.      Cabinet
note and approve the expenditure plan relating to £41.434
million which has been set aside over the 4-year period 2024-25 to
2027-28 in the HRA Capital programme to invest in Affordable
Housing. Details are set out in Appendix 1; and
13.      Cabinet
approve an amendment to the Housing Rent policy, to enable re-let
of HRA properties at Formula Rent from April 2025 (detailed in
point 6.29).