Decisions for issue Housing Revenue Account Budget and Capital Investment Programme 2019/20 and Medium Term Financial Strategy

128.1      RESOLVED TO RECOMMEND:

(1)       That full Council approve the updated HRA revenue budget for 2019/20 as shown in Appendix 2 to the report (as amended for any change to reserves arising from amendments (3) and (6) below); and

(2)       That full Council approve the capital programme budget of £26.964m for 2019/20 and notes the 3 year programme as set out in Appendix 4 to the report (as amended for any change to the capital programme arising from amendments (4), (5) and (6) below).

(3)       That a HRA Rent Support Reserve of £1.050m be created, through a reduction in the reserve funding of the HRA capital programme by borrowing the same, and to apply this reserve in the form of a subsidy over the lifetime of modelled new schemes in order to support the provision of new council homes at lower rents, particularly social rents and 27.5% living wage rents;

(4)       That the Purchase Properties budget be increased by £3.500m and added to the 2019/20 HRA Capital programme to be funded by HRA borrowing and Right to Buy receipts; and

(5)       That a budget of £3.500m be added to the 2019/20 HRA Capital programme to purchase buildings to provide emergency homeless accommodation for in-house delivery by the council to be funded by HRA borrowing and RTB receipts.

(1)    That the Housing & New Homes Committee:

(a)  Recommends that Policy, Resources & Growth Committee approves and recommends to full Council the updated HRA revenue budget for 2019/20 as shown in Appendix 2;

(b)  Recommends that Policy, Resources & Growth Committee approves and recommends to full Council the capital programme budget of £26.964m for 2019/20 and notes the 3 year programme as set out in Appendix 4;

(c)   Recommends that Policy, Resources & Growth Committee approves the procurement of a contract for insurance cover for the council’s residential leasehold properties as set out in the report in section 5.

(d)  Recommends that Policy, Resources & Growth Committee approves that the Executive Director of Neighbourhoods, Communities and Housing be given delegated powers to award the contract for insurance cover and the extensions set out in the report in section 5.

(2) That the Housing & New Homes Committee:

(a)  Approves a rent reduction of 1% in line with government legislation as detailed in paragraph 4.9;

(b)  Approves service charges and fees as detailed in Appendix 3;

(c)   Notes the current HRA forecast outturn for 2018/19 in Appendix 1 of £0.500m underspend;

(d)  Notes the Medium Term Financial Strategy and 30 year financial projections shown in Appendix 5;

(e)  Notes the Integrated Service & Financial Plan proposals (savings) in Appendix 6.