You are here:

Agenda item

HOUSING REVENUE ACCOUNT MEDIUM TERM FINANCIAL STRATEGY

Decision:

Cabinet:

 

(1)  noted the forecast for the HRA in Appendix 1 of the report;

 

(2)  agreed the revised capital programme shown in appendix 3 of the report;

 

(3)  noted the increasing balance of retained right to buy (RTB) capital receipts which are subject to deadlines for spending as set out in appendix 6 of the report; 

 

(4)  agreed to participate in the GLA offer to ring fence RTB receipts and interest; and

 

(5)  delegated authority to the Director of Housing, in consultation with the Portfolio Lead Members for Housing and Economic Growth and High Streets and the Director of Finance and Governance, to agree an expansion of existing schemes and to enter into new schemes to utilise available RTB receipts in ways which assist in the provision of accommodation for homeless families.

 

OPTIONS AND ALTERNATIVES CONSIDERED

 

This report sets out the legal framework and latest forecasts within which the Council formulate detailed plans for capital and revenue expenditure.

 

 

Minutes:

Councillor Mitchell introduced the report which reviewed the financial position and assumptions of the Housing Revenue Account (HRA) for the next five years and provided an updated position to that reported to Cabinet on 21 February 2018.  She explained that the financial forecast allowed the Council to look into how it could invest in and generate the borough’s estates.  Councillor Mitchell went on to say that a large proportion of residents in the borough relied on benefits and explained that the Council was working with residents to provide budgeting skills.  She also explained that the income would allow the Council to concentrate on aspects like fire safety for example by installing sprinklers in sheltered accommodation and tower blocks.  Councillor Mitchell then gave thanks to officers for their hard work, particularly Jahangir Mannan – Strategic Finance Advisor.

 

Cabinet:

 

(1)  noted the forecast for the HRA in Appendix 1 of the report;

 

(2)  agreed the revised capital programme shown in appendix 3 of the report;

 

(3)  noted the increasing balance of retained right to buy (RTB) capital receipts which are subject to deadlines for spending as set out in appendix 6 of the report; 

 

(4)  agreed to participate in the GLA offer to ring fence RTB receipts and interest; and

 

(5)  delegated authority to the Director of Housing, in consultation with the Portfolio Lead Members for Housing and Economic Growth and High Streets and the Director of Finance and Governance, to agree an expansion of existing schemes and to enter into new schemes to utilise available RTB receipts in ways which assist in the provision of accommodation for homeless families.

 

 

Supporting documents: