Purpose

To consider the report of the Cabinet Member
for Housing detailing the HRA Budget 2024/25 and Capital Programme
2023/24 to 2028/29.

Decision

(i) 
Propose to Council from 1 April 2024, an average rent increase will
be applied to dwelling rents of 7.7% in line with the rent increase
guidance set by Government, as detailed in paragraph 14, equivalent
to an average increase of £7.15 per week in the current
average weekly dwelling rent figure of £92.75 for Social
rent, and £10.58 per week in the current average weekly rent
for affordable rent of £151.16. Rents for Shared Ownership
rents will also increase by 7.7%.
(ii) 
Propose to Council that there will be no increase in weekly service
charges applied from 1 April 2024, as detailed in paragraph 21,
pending further work on service charges in 2024/25.
(iii) 
Propose to Council the Housing Revenue Account revenue estimates as
set out in Appendix 4.
(iv) 
Propose to Council the 40-year Business Plan for revenue and
capital expenditure set out in Appendix 1 and confidential Appendix
5 respectively, that based on current assumptions are sustainable,
maintaining a minimum HRA balance increasing from £2.0M in
2023/24 to £7.0M by 2027/28, following a review of policy
undertaken in 2023/24 for future budgets to provide a sufficient
and necessary buffer against financial risks.
(v) 
Propose to Council the increase in landlord-controlled heating
charges set out in paragraph 25, which represent a 5% increase
(reduced from the 10% increase previously anticipated in the MTFS
update in July 2023)
(vi) 
Propose to Council the revised Housing Revenue Account (HRA)
capital programme, which totals £280.01M (as detailed in
paragraph 60 & 61 and the associated use of resources.
(vii) 
Propose to Council the capital projections in the HRA Capital
Programme for 2023/24 to 2028/29 as detailed from paragraph 60, and
that spend between 2023/24 and 2027/28 has been increased following
the decision of Cabinet on 6 February 2024 on the future delivery
of Plots 2,9 and 10 Townhill Park, to deliver plots 2 and 9 through
the Affordable Homes Framework and adjusted for known slippages at
Quarter 3.
(viii) 
Propose to Council an increase in the HRA working balance from the
current £2m, to £7m by 2027/28