Purpose

Consider the Housing Revenue Account Budget for 2024/25

Decision

Council agreed to

Housing Revenue Account (HRA): Revenue

A)       approve the HRA revenue budget for 2024/2025 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 7.7%, recognising that inflation measured by the Consumer Price Index (CPI) at September 2023, plus 1% results in an increase of 7.7%.

C)       Approve that affordable rents (inclusive of service charge) are also increased by 7.7% in line with the increase for social rents.

D)       Approve that rents for affordable shared ownership properties are increased by 5.4%, recognising that inflation measured by the Retail Price Index (RPI) at January 2024 plus 0.5% results in an increase of 5.4%.

E)        Approve that garage rents be increased by 7.7% 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 2024/2025 and 2028/2029 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.