Issue - meetings

This report provides an overview of the new Housing Revenue Account Business Plan for the next 30 years and provides detail of the key priorities for the next five years, including the creation of an investment fund to support the delivery of more affordable new homes.

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.

Members considered a report that provided an overview of the new Housing Revenue Account Business Plan for the next 30 years and provided details of the key priorities for the next five years, including the creation of an investment fund to support the delivery of more affordable new homes.

Consideration was give to the following options:

          Option one – To adopt the plan set out at Annex A 

          Option two – To ask officers to revise the document

The Cabinet Member for Health and Adult Social Services stated that the authority’s costs for keeping stock up to date compared well with that of other councils.  Because of the changes to benefits it was difficult to accurately project income for the next few years and hence a prudent plan had been put in place. 

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.