Decision details

Purpose of Report: The report sets out a 30 year business plan on how the HRA money will be allocated with a more detailed plan for the next 5 years. 

Members are asked to approve the Business Plan.

RESOLVED:       That Cabinet agree to:

i)             Approve the overall HRA Business Plan, in particular the creation of an investment fund of £20m and recommend to Council the adoption of the HRA business plan as set out in Annex A

ii)            Agree in principal the release of £6m funding from the investment fund for the first phase of 60 new Council homes. Following detailed work identify the specific sites and construction costs a further report will be brought Cabinet setting out the exact costs of development for Cabinet to consider and recommend to full Council for approval.

REASON:            The plan sets out a sustainable financial projection for the next 30 years and the priorities for the housing revenue account for the next 5 years.  It gives clear messages as to the commitment to continue to invest in the council’s exist stock, the local communities and build new much needed social rented housing.