Decision details

This report seeks Executive approval for the revised budget for the Housing Revenue Account 2018/19, the base budgets and rent increases for 2019/20 and the Capital programme with its financing for the years 2018/19 to 2022/23.

The Executive recommended, and the Council approved in February 2018, the base budget and rent increase for 2018/19, for Housing Revenue Account (HRA) services.

This report sets out the Housing Revenue Account revised budget for 2018/19 and base budget for 2019/20 along with the capital programme and financing for the years 2018/19 to 2022/23.  The report examines the issues affecting the Housing Revenue Account including rent changes with effect from 01 April 2019.

A new Affordable Housing Strategy is currently being developed and is expected to be consulted on in early 2019.  This, together with any findings and outcomes arising from the 2019 Stock Condition Survey, will inform future revisions to the 2019/20 revenue and capital budgets for future financial years.

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.

RESOLVED that the Executive approves and recommends to the meeting of the Council to be held on 22 February 2019 that:

(a)  rents be approved for Council Dwellings as set out in paragraph 17 with effect from 1 April 2019;

(b)  rents for Council garages be increased by 4.2% with effect from 01 April 2019;

(c)  the revised budget for 2018/19 be approved;

(d)  the base budget for 2019/20 be approved; and

(e)  the capital programme and financing for 2018/19 to 2022/23 be approved.