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Executive Councillor for Housing: HRA Budget-Setting Report (BSR) 2022/23

Meeting: 24/02/2022 - Council (Item 4)

4 Executive Councillor for Housing: HRA Budget-Setting Report (BSR) 2022/23 pdf icon PDF 130 KB

Additional documents:

Minutes:

Resolved (by 25 votes to 0):

  i.  To approve the revised need to borrow over the 30-year life of the business plan, with the first instance of this anticipated to be in 2022/23, to sustain the proposed level of investment, which includes ear-marking funding for delivery of a net 1,000 new homes over a 10-year timeframe.

  ii.  To recognise that the constitution delegates Treasury Management to the Head of Finance (Part 3, para 5.11), with Part 4F, C16 stating; ‘All executive decisions on borrowing, investment or financing shall be delegated to the Head of Finance, who is required to act in accordance with CIPFA’s Code of Practice for Treasury Management in Local Authorities.

  iii.  To recognise that any decision to borrow further will impact the authority’s ability to set-aside resource to redeem 25% of the value of the housing debt by the point at which the loan portfolio matures, with the approach to this to be reviewed before further borrowing commences.

  iv.  To approve capital bids, as detailed in Appendix D (3 ) and Appendix E of the HRA Budget Setting Report.

  v.  To approve the latest Decent Homes and Other HRA Stock Investment Programme, to include reduced expenditure for wall structure and fire safety works and re-phasing of other elements of the programme into later years, as detailed in Appendix E of the HRA Budget Setting Report.

  vi.  To approve the latest budget sums, profiling and associated financing for all new build schemes, including revised scheme budgets for Colville III, Fen Road, Ditton Fields, Aragon Close, Sackville Close and Borrowdale based upon the latest cost information from the Cambridge Investment Partnership (CIP) and a reduction in unit numbers at Aylesborough Close, as detailed in Appendices E and H, and summarised in Appendix K, of the HRA Budget Setting Report.

 vii.  To approve the allocation of funds from the budget ear-marked for the delivery of 1,000 net new homes to allow buy back of leasehold dwellings and relocation of tenants from Princess and Hanover Court over the next two years, in advance of a final recommendation for the future of the estate which will be presented once the options appraisal and consultation work has been concluded.

viii.  To approve the revised Housing Capital Investment Plan as shown in Appendix K of the HRA Budget Setting Report.

  ix.  To approve the inclusion of Disabled Facilities Grant expenditure and associated grant income from 2022/23 onwards, based upon 2021/22 net grant received, with delegation to the Head of Finance, as Section 151 Officer, to approve an in year increase or decrease in the budget for disabled facilities grants in any year, in direct relation to any increase or decrease in the capital grant funding for this purpose, as received from the County Council through the Better Care Fund.

  x.  To approve delegation to the Head of Finance, as Section 151 Officer, to determine the most appropriate use of any additional Disabled Facilities Grant funding, for the wider benefit of the Shared Home Improvement Agency.

  xi.  To approve delegation to the Strategic Director to review and amend the level of fees charged by the Shared Home Improvement Agency for disabled facilities grants and repair assistance grants, in line with any decisions made by the Shared Home Improvement Agency Board.

 xii.  To approve delegation to the Strategic Director to review, agree and enter into a revised Shared Home Improvement Agency Shared Service Agreement, in line with recommendations made by the Shared Home Improvement Agency Board.

xiii.  To approve delegation to the Strategic Director, in consultation with the Head of Finance, as Section 151 Officer, to draw down resource from the ear-marked reserves for potential debt redemption or re-investment, for the purpose of open market land or property acquisition or new build housing development, should the need arise, in order to meet deadlines for the use of retained right to buy receipts or to facilitate future site redevelopment.

xiv.  To approve delegation to the Head of Finance, as Section 151 Officer, to make any necessary technical amendments to detailed budgets in respect of recharges between the General Fund and the HRA, with any change in impact for the HRA to be incorporated as part of the HRA Medium Term Financial Strategy in September 2022.