Issue details

This report seeks Executive approval for the revised budget for the Housing revenue account for 202/21, the base budgets and rent increases for 2021/22.

The Executive recommended, and the Council approved, in February 2020, the base budget and rent increase for 2020/21, for Housing Revenue Account (HRA) services.

An emergency Budget for 2020/21 was prepared in response to the impact of the COVID-19 pandemic, approved by the Executive in September 2020.

This report sets out some further revisions to the Housing Revenue Account revised budget for 2020/21 and base budget for 2021/22 along with the capital programme and financing for the years 2020/21 to 2024/25.  The report examines the issues affecting the Housing Revenue Account including rent changes with effect from 01 April 2021.

Council budgets are susceptible to change in the level of expenditure and income caused by factors inside and outside the Council’s control. A risk assessment has been carried out to indicate the effect on housing balances of changes in the level of expenditure and income.  This can be used to estimate the account balances needed to provide a prudent level of reserves and a working balance.