Decision details

1.1.      That the targeted on-going annual revenue savings of £4 million per annum by 2014/15 identified in the HRA Transformation Programme approved by Cabinet on 21st May 2012 have been achieved, and that during the course of the 2013/14 Financial Year £9.582m of HRA debt was repaid, be noted.

1.2.      That the HRA financial strategy as set out in section 8 of this report be endorsed.

1.3.      That approval be given to the HRA 2014/15 budget as set out in Appendix 1 of the report.

1.4.      That approval be given to a rent increase for 2014/15, based on application of the Government’s rent restructuring formulae for dwellings up to 3 bedrooms of 5.69%, and the Council rent policy (introduced in 2013/14) for dwellings of 4 bedrooms and above, of 7.11%, which is equivalent to an average increase of 5.79%.

1.5.      That approval be given to a rent increase of 5.29% based on application of the Government’s rent restructuring formulae for properties under licence and hostels as referred to in paragraph 10.6. of the report.

1.6.      That an increase in tenant service charges for 2014/15 of 3.7% as set out in section 11 of the report be approved.

1.7.      That in order to recover the cost of water rates and metered water costs, approval be given to an average increase in water charges of 0.1%, equating to an average rise of less than one penny per week, noting that some households may see a reduction of £2.97 and other an increase of £2.23 per week, as set out in section 15 of the report.

1.8.      That a freeze in the communal heating charge at 2013/14 rates as set out in section 15 of the report be approved.

1.9.      That a freeze in garage and parking charges as set out in section 15 of the report be approved.

1.10.    That in line with the strategic financial objective of repaying debt as it becomes due, £2.414 million of HRA debt is repaid in 2014/15.

1.11.    That the risks outlined in section 12 and in Appendix 5 of the report be noted.

1.12.    That incentive payments to under-occupying tenants downsizing be increased to £2,000 per room as set out in paragraph 10.11 of the report, be approved.