Decision Maker: Babergh Cabinet, Mid Suffolk Cabinet

Outcome:

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: December 10, 2024

Purpose: To approve the 2025/26 Draft HRA Budget and MTFP

Content: It was RESOLVED: -   1.1         That the HRA Budget proposals for 2025/26 set out in this report, be endorsed for recommendation to Council on 26 February 2025.   1.2         That a CPI + 1% increase of 2.7% for social rents, equivalent to an average rent increase of £3.01 and affordable rent of £4.21, a week be implemented.   1.3         That the RPI increase of 2.7% in garage rents, equivalent to an average rent increase of £0.29 or £0.36 (private rental), a month be implemented.   1.4         That an increase to the current charge for sheltered housing service charges, equivalent to £10.03 a month, be implemented.   1.5         That an increase for sheltered housing utility charges, equivalent to £5.91 a month, be implemented.   1.6         That the rent tolerance of 5% on Social Rent properties be approved in line with guidance received from Trowers & Hamlins.   1.7         That in principle, Right to Buy (RTB) receipts should be retained within the Housing Revenue Account, to enable continued development and acquisition of new council dwellings.   1.8         That the Public Works Loan Board (PWLB) loan of £6m will be refinanced in 2026/27.    1.9         That the balance of £96k in the Big 20 reserve and £20k in the Building Council Homes reserve be transferred into strategic reserve.   1.10      That the draft 30-year business plan (Appendix A) be endorsed for recommendation to Council on 21 January 2025.   REASON FOR DECISION   To bring together all the relevant information to enable Cabinet Members to review, consider and comment upon the Councils Housing Revenue Account budget for recommendations to Council.   Alternative Options Considered and Rejected:   The HRA Budget for 2025/26 is an essential element in achieving a balanced budget and sustainable medium-term position, therefore no other options are appropriate in respect of this.   Any Declarations of Interests Declared: None Any Dispensation Granted: None