This report presents the Housing Revenue Account (HRA) capital and revenue budgets for 2022/23 and provides details of proposed rent and service charge levels for 2022/23. The report also contains the latest revised forecasts of the HRA Business Plan.
The comments of this Committee will be collated for onward despatch to the Cabinet on 8 February 2022 and Council on 24 February 2022.
The Committee considered a report presenting the Housing Revenue Account capital and revenue budgets for 2022/23 which provided details of proposed rent and service charge levels. It also contained the latest revised forecasts of the HRA Business Plan.
Members raised a number of questions and comments which were responded to by the Head of Strategic Housing as follows:
The Committee recommended to the Cabinet:
a) A proposed social rent increase of 3.5% (which is below the allowed CPI of 3.1 plus 1%) for the social rent housing stock as set out in Appendix A (based on 52 collection weeks) with effect from 04 April 2022.
b) A proposed affordable rent increase of 3.5% (which is below the allowed CPI of 3.1 plus 1%) for the affordable rent properties as set out in Appendix B (based on 52 collection weeks) with effect from 04 April 2022.
c) A proposed rent increase of 5% to be applied to all garage tenure types with effect from 04 April 2022 as stated in section 4.
d) That the service charges increases/decreases as set out in Appendix C of the report for 2022/23 be approved.
e) That to allow the service charges cap of 15%, or 10 pence, whichever is the greater.
f) That the revenue budget for the HRA service for 2022/23 as per Appendix D be approved.
g) That the proposed new budget of £8.2m (as set out in section 8.5.3 & 8.5.4) and a virement of £1.3m from phase 4 budget be approved for Phase 5 new build programme.
h) That the provision for the repayment of debt based on annuity-based payment of £0.427m, on the HRA’s outstanding debt for 2022/23 be approved.
i) That Members approve the revised 30-year HRA Business Plan model as attached at Appendix E.