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Housing Revenue Account (HRA) Budget 2021-22 and Medium Term Financial Strategy (MTFS) 2022-23 to 2023-24

Decision Maker: Cabinet

Decision status: Recommend Forward to Council

Is Key decision?: Yes

Is subject to call in?: No

Purpose:

To approve the HRA budget for 2021-22 & MTFS for submission to Cabinet (then Council) for approval of rents, service charges, revenue and capital budgets.

Decisions:

Resolved to RECOMMEND:  (to Council)

 

That

 

(1)          the Housing Revenue Account Budget for 2021-22 be approved.

 

(2)          the Housing Revenue Account Capital Programme, as set out at Appendix 7 to the report, be approved.

 

[Call-in did not apply to the decisions above as they were reserved to full Council.]

 

RESOLVED: That

 

(3)          the proposed average weekly rent for non-sheltered and sheltered accommodation of £118.01 and £98.18 for 2021-22 respectively as set out in paragraph 34 of the report, be approved;

 

(4)          the proposed average weekly tenant service charge of £3.32 per week as set out in paragraph 40 of the report, be approved;

 

(5)          the proposed average weekly rents for affordable rented and shared ownership accommodation of £197.11 and £199.82 for 2021-22 respectively as set out in paragraph 35 to 36, be approved;

 

(6)          an increase in the overall Housing Revenue Account (HRA) Capital programme of £40,728,480 made up £9,762,940 planned investment & Housing IT and £30,965,540 Building Council Homes for Londoners (BCHfL) as set out in paragraphs 56 to 66 of the report, be approved.

 

(7)          the Corporate Director of Community, following consultation with the Portfolio Holders for Housing and Finance and Resources and Director of Finance, be authorised to consider the results of the Tenant Service Charges review (and any consultation on this) and approve any changes to existing tenant service charges for the financial year 2021/22, as set out in paragraph 40 of the report;

 

(8)          the following be noted:

 

a)          charges for Facilities, Community Halls, Garages and Water to remained unchanged as set out in appendices 3 to 6 to the report. Reconfigured planned investment programme which continues to focus on health and safety and compliance as well as supporting increased flexibility in its delivery.  In the coming years we were also making provision to support the Council’s ambition to reduce carbon emissions.

b)          assumptions made in construction of the budget.

c)          risk Management Implications which require prudent financial reserves, volatility around borrowing costs and ongoing probability of reforms in the housing sector.

 

Reason for the Decision:  To recommend the HRA budget and capital programme for 2021-22 and the MTFS for 2022-23 to 2023?24.

 

Alternative Options Considered and Rejected:  As set out in the report.

 

Conflict of Interest relating to the matter declared by Cabinet Member/Dispensation Granted:  None.

 

[Call-in did not apply to the decisions above as they were reserved to full Council.]

Report author: Divisional Director, Housing Services

Publication date: 12/02/2021

Date of decision: 11/02/2021

Decided at meeting: 11/02/2021 - Cabinet

Accompanying Documents: