Issue - meetings
Housing Revenue Account (HRA) Capital and Revenue Budgets 2023/24
Meeting: 07/02/2023 - Cabinet (Item 10)
10 Housing Revenue Account Capital and Revenue Budgets 2023/24 
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Additional documents:
Minutes:
Background:
This report provided details of the proposed Housing Revenue Account (HRA) capital and revenue budgets for 2023/2024 including rent, garage rent and service charge levels. The report gave a breakdown of the factors taken into account when formulating the budgets for 2023/2024. The report also provided an update on the HRA Business Plan in accordance with the requirement to ensure the Plan met the Government’s fit for purpose criteria. The report stated that tenants had been informed of the proposals, as set out in section 16 of the report.
The Business Support Overview and Scrutiny Committee had considered the report on 25 January 2023 and its comments were set out in an addendum report. A Diversity Impact Assessment had been carried out on the proposed budgets, as set out in Appendix F to the report.
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Decision:
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The Cabinet noted the comments of the Business Support Overview and Scrutiny Committee, as set out in the addendum report. |
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21/2023 |
The Cabinet recommended the following to full Council for approval:
a) A proposed social rent increase of 7% as per the cap set by the Government for year 2023/24 (which is below the allowed CPI of 10.1 plus 1%) for the social rent housing stock as set out in Appendix A (based on 52 collection weeks) with effect from 3 April 2023. All new tenancies issued during 2023/24, to be set at either the formula rent or rent cap for social rent dwellings, whichever is lower.
b) A proposed affordable rent increase of the lower of LHA rate or 7% (which is below the allowed CPI of 10.1 plus 1%) for the affordable rent properties as set out in Appendix B (based on 52 collection weeks) with effect from 3 April 2023. All new tenancies during 2023/24 to be set at either 80% of market rent or the LHA rate for affordable rent dwellings, whichever is lower.
c) A proposed rent increase of 10% to be applied to all garage tenure types with effect from 3 April 2023 as stated in section 4 of the report.
d) That the service charges increases/decreases as set out in Appendix C of the report for 2023/24 be approved.
e) That a 50% rebate on the increase from 2022/23 electricity and gas service charges to be issued to the tenants affected by those increases set out in recommendation D.
f) That the revenue budget for the HRA service for 2023/24 as per Appendix D be approved.
g) That the proposed new budget of £12m (as set out in section 8.5.3 & 8.5.4 which is £6.25m for new purchases, £0.5m for Phase 4 and £5.25m for Phase 6 budgets).
h) A virement of remaining budget (approximately £0.3m) from Phase 4 to Phase 5 new build programme budget be approved.
i) That the provision for the estimated repayment of debt based on annuity-based payment of £0.358m, on the HRA’s outstanding debt for 2023/24 be approved.
j) That an estimated repayment of £0.5m of debt from 1-4-1 RTB ... view the full minutes text for item 10 |