Issue - meetings

Resolved to Recommend

Cabinet recommended to Council the adoption of the HRA

Business Plan.

Decision

That Cabinet recommends the adoption of the HRA Business Plan to Council.

Corporate Priorities

A clean, safe and enjoyable environment

Building strong and vibrant communities

Ensuring economic growth and prosperity

Providing good quality affordable homes, in particular for those most in need

Ensuring efficient, effective and modern service delivery

Climate and ecological emergency

Statutory Officer Comments:

Monitoring Officer:

The HRA business plan is not in itself a statutory requirement but will enable the Council to plan the Housing Service to ensure that relevant statutory requirements are met and appropriately funded.

S151 Officer:

The HRA business plan details the medium and long-term financial planning required to deliver the housing strategy, the nature of the required horizon scanning over the next 30 years, resultsin a plan that is likely to evolve over time with significant scope for policy change in that period.

As would be expected with a 30 year plan this plan contains a significant amount of assumptions in regard to; spending commitments, economic outlook, funding assumptions and government policy, hence, will be considered a live plan and reviewed as required, but annually as a minimum.

This HRA business plan, outlined in the attached document, assumes that over the next 10 years the HRA will achieve an income of circa £736m, to fund £363m of ongoing management and maintenance and £370m of capital financing, this represents a balanced financial position over that period.

As part of the ongoing planned maintenance and development of the HRA housing stock the business plan invests £369m in planned maintenance and new build over the first 10 years of the HRA business plan, utilising multiple internal and external funding streams including an additional £111m of borrowing.

The HRA 30-year business plan is financially sustainable but assumes government support going forward to support new government policies and initiatives, such as the decarbonisation agenda. This plan also outlines the need to increase borrowing to support the ambitious capital programme, this leaves little scope based on current projections for additional future borrowing to support the HRA without reviewing the existing medium-term plans.  

Advice

Cllr Griffiths introduced the report as published.

Cllr Douris highlighted that there were no Stat comments on this report.

MBrookes said that he would take this up.

CHamilton said there would never be a report without stat comments and that this must be an error.

MBrookes reassured the committee that there were no concerns in the stat comments that he has read.

RECOMMENDATIONS AGREED