Decision Maker: Executive
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
This report seeks Executive approval for the revised budget for 2014/15, the base budgets, rent increases and fees and charges for 2015/16 and the capital programme with its financing for the years 2014/15 to 2018/19.
The Executive recommended and the Council approved, in February 2014, the base budget and rent increased for 2014/15, for Housing Revenue Account services.
This report sets out the Housing Revenue Account revised budget for 2014/15 and base budget for 2015/16 along with the capital programme and financing for the years 2014/15 to 2018/19. The report examines the issues affecting the Housing Revenue Account including rent increased with effect from 6 April 2015.
Council budgets are susceptible to change in the level of expenditure and income caused by factors 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.
That the Executive agrees that:
(a) individual rent increases in line with the rent model, be approved for Council Dwellings with effect from 6 April 2015;
(b) rents for Council garages be increased by 5% with effect from 6 April 2015;
(c) discretionary fees and charges be increased to provide a minimum increase of 5%, where possible, with effect from 6 April 2015;
(d) the revised budget for 2014/15 be approved;
(e) the base budget for 2015/16 be approved;
(f) the capital programme and financing for 2014/15 to 2018/19 be approved; and
(g) annual budgets and assumptions are set with the aim of ensuring sufficient surpluses are held to repay debt on the date of maturity of each loan.
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Report author: Caroline Hancock
Publication date: 04/02/2015
Date of decision: 02/02/2015
Decided at meeting: 02/02/2015 - Executive
Effective from: 14/02/2015
Accompanying Documents: