Issue details

This report seeks Executive approval for the revised budget for the Housing Revenue Account for 2017/18, the base budgets and rent increases for 2018/19 and the capital programme with its financing for the years 2017/18 to 2021/22.

The Executive recommended and the Council approved, in February 2017, the base budget and rent increase for 2017/18 for Housing Revenue Account (HRA) services.

This report sets out the Housing Revenue Account revised budget for 2017/18 and base budget for 2018/19 along with the capital programme and financing for the years 2017/18 to 2021/22.  The report examines the issues affecting the Housing Revenue Account including rent charges with effect from 02 April 2018.

The Council’s Housing Strategy, which includes the strategy for the new Fareham Housing department, is currently being prepared therefore the budget for 2018/19 will be reviewed again later in the year.

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.