The Cabinet was presented with the draft revenue and capital estimates for Housing Revenue Account Services in 2024/25 together with the determination of the level of rents and service charges for 2024/25.  

The report was presented in four sections and included an executive summary:-

·         Section One – HRA Revenue Account Budget;

·         Section Two – Housing Capital Programme;

·         Section Three – Robustness of Estimates and Adequacy of Reserves; and

·         Section Four – HRA Business Planning.

The Interim Assistant Director (Corporate Services) provided Members with a summary of the key areas contained within the report.

The proposed revenue budget for 2024-25 represented a balanced budget position, with planned expenditure for the year being met from expected income and no requirement to draw funds from the HRA General Reserve. The Council will continue with its HRA Capital Programme for 2024-25 valued at £33.1m, focusing on maintaining and improving existing Council-owned dwellings and increasing the social housing stock the Council holds.

The Interim Assistant Director (Corporate Services) advised that the proposal was for  the authority’s average social rent to increase to £108.85 per week in 2024-25, compared to £104.73 per week in 2023-24.  The average affordable rent to increase to £193.21 per week and the average capped service charge to increase to £6.00 per week for 2024-25. These charges were less than the Housing Allowance rate (used to calculate Housing Benefit entitlement) and average private sector rental charges. The increase in rental income will continue to contribute towards the maintenance, energy efficiencies etc of the Council’s housing stock.

Resolved that the Cabinet recommends to Council that:-

1.    the draft Revenue estimates for 2024-25 together with the revised estimates for 202324 to be approved;

2.    the draft capital estimates, together with the revised estimates for 2023-24 be approved, subject to detailed reports coming forward for new schemes, where applicable;

3.    the average social rent of £108.85 for 2024-25 be noted; and

4.    due consideration is given to the view of the Director (Corporate Services) (as S151 Officer) on the robustness of estimates for the coming year, the medium-term financial strategy and the adequacy of proposed reserves and balances, as required under Section 25 of the Local Government Finance Act 2003.