Decision Maker:

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Date of Decision: March 4, 2026

Purpose:

Content: Councillor Federica Smith-Roberts proposed the recommendations, which were seconded by Councillor Tom Power.   Having been duly proposed and seconded, the Council Resolved to approve:- a)    The HRA Annual Revenue Budget for 2026/27 as set out in Appendix H. b)    The HRA Capital Programme of £281.337m to be spent during 2025/26 to 2030/31 as detailed in Appendix I. c)    Delegated authority to the Chief Finance Officer (Section 151 Officer) to approve the final capital financing of the capital programme annual spend. d)    Delegated authority to the Chief Finance Officer (Section 151 Officer) and the Executive Director of Community, Place and Economy, in conjunction with the Deputy Leader of the Council and Lead Member for Finance, Procurement and Performance and the Lead Member for Communities, Housing Revenue Account, Culture and Equalities and Diversity to approve the tenure (social vs affordable rents) of each social housing scheme. e)    Delegated authority to the Executive Director of Community, Place and Economy and the Chief Finance Officer (Section 151 Officer), in conjunction with the Lead Member for Communities, Housing Revenue Account, Culture and Equalities and Diversity, to acquire dwellings for HRA use in accordance with the HRA Capital Programme for 2026/27 to 2030/31 and updated Business Plan 2026/27. f)      Delegated authority to the Executive Director of Community, Place and Economy and the Chief Finance Officer (Section 151 Officer), in conjunction with the Lead Member for Communities, Housing Revenue Account, Culture and Equalities and Diversity, to sell dwellings on the open market in accordance with the HRA MTFP and 30-Year Business Plan. g)    To note and approve the recommendation of the Chief Finance Officer (Section 151 Officer) to maintain a minimum balance for the HRA General Reserves of at least £6.162m, the equivalent of 10% of gross income budget for 2026/27 and approximately £650 per property. h)    To note the Rent Setting and Fees and Charges for 2026/27 as approved by the Executive on the 11 February 2026: Rent Setting for 2026/27 a.    An increase of 4.8% on dwelling rents for 2026/27 in line with the government’s Policy Statement on Rents for Social Housing and the current Rent Standard. b.    An increase of 4.8% for sheltered and extra care housing rents in line with the proposed increase in dwelling rents. c.     An increase of 4.8% for Shared Ownership rents or, where appropriate, use the alternative increase specified in the lease agreement. d.    An increase of 4.8% on rents on affordable housing tenures, with the rent being reviewed at relet based on 80% of open market rent. e.    The adoption of rent convergence for council housing rents from April 2026, in line with the Government’s policy direction set out in January 2026. f.      The updated Rent Setting Policy in Appendix A. Fees & Charges for 2026/27 a.    The Service Charges for 2026/27 as shown in Appendix D for Homes in Somerset and Appendix E for the In-House Service. b.    An increase of 4.8% for garage rents. c.     An increase of 3.8% for Meeting Hall hourly rental rates. d.    An increase of 3.8% for Guest Room charges. e.    The adoption of a Service Charge Policy in Appendix F. i)      To note the updated Medium Term Financial Plan 2026/27 to 2030/31 in Appendix H. j)      To note the updated 30-Year Business Plan in Appendix K.