Issue - decisions

Housing Revenue Account 30-Year Business Plan and Housing Investment Plan 2024/25

19/02/2024 - Housing Revenue Account 30-Year Business Plan and Housing Investment Plan 2024/25

Cabinet approved the following recommendations to Full Council for consideration at its meeting on 6 March 2024:

·       Approve the HRA revenue budget for 2024/25

·       Note the HRA 5-year revenue budgets for 2024/25 to 2028/29and HRA 30-year revenue budgets for 2024/25 to 2053/

·       Approve the HRA 5-year Capital Programme totalling £920.52m

·       Note the 30-year Capital Programme for 2024/25 to 2053/54 totalling £2.493bn

·       Approve the inclusion of all Fairer Westminster investments, including the extension of the HRA Rent Support Fund by £1.050m for 2024/25 (to be earmarked to support tenants experiencing financial difficulty during the cost-of-living crisis) 

·       Approve a rent increase of 7.7% from 1st April 2024 in line with the maximum increase for social rent set by the national rent policy, whilst noting that the Council continues to exercise its discretion under the rent restructuring policy to set rents for re-lets (both new tenants and transfers) up to formula target rent

·       Approve an increase of 6.7% to the fees charged for garages, sheds and parking (in line with CPI at September 2023) from 1st April 2024 

·       Approve that tenant service charges be varied in line with estimated actual costs for 2024/25 from 1st April 2023 

·       Note the HRA reserves and balances for the 5-year Business Plan

 

Reasons for Decision

The Council is required to set a budget for the HRA and prepare a 30-Year Business Plan for the HRA on an annual basis. The report also provides the approval needed to set HRA tenant rents and other charges for the financial year 2024/25. It also outlines how the Housing Investment Plan supports the delivery of the Council’s Fairer Westminster vision, including its commitment to deliver new affordable homes whilst maintaining the condition of the existing housing portfolio.