Decision details

1.            To endorse the revised long term 40 Year Financial Plan for Council Homes as set out in section 8 of this report.

2.            To approve the Housing Revenue Account 2016/17 budget for Council homes as set out in Appendix 1.

3.            To note the 1% reduction in rents for each of the four years commencing in April 2016 the potential £76 million reduction in planned repairs required over the next 10 years as a result of this if the housing stock is not transferred to a Registered Provider.

4.            To approve a freeze in tenant service charges at 2015/16 levels as set out in section 9 of this report.

5.            To endorse the HRA Medium Term Financial Strategy which plans to deliver further on-going annual revenue savings of £0.9million per annum by 2016/17, rising to £2.4million per annum by 2020/21, with savings coming principally from back office costs.

6.            To note that £5.9m of housing debt is due to mature in 2016/17 and to approve the refinancing of £5.5m during 2016/17, in order to both meet the investment in repairs and improvements to Council homes, and to balance the gap in the financial plan that is a result of the combined effect of recent changes in central Government social housing policy and the latest stock condition survey.

7.            To note that the water regulator OFWAT is not due to confirm the increase in tenants’ water charges until January 2016, and therefore to delegate authority to the Lead Director of Housing (Director of Finance & Resources (Housing & Regeneration) to agree the average increase in water charges as set out in section 14.

8.            To approve a freeze in the communal heating charge at 2015/16 rates as set out in section 14 of this report.

9.            To approve a freeze in parking charges as set out in section 14 of this report.

10.         To approve a freeze in garage charges as set out in section 14 of this report.

11.         To note the risks outlined in section 11 of this report.