Issue - meetings

RECEIVED the presentation on 30 Year Housing Revenue Account (HRA) Business Plan 2022/23 to 2052/53.

NOTED

1.    The introduction by Councillor George Savva (Cabinet Member for Social Housing) highlighting the pressures experienced particularly as a result of rising prices and interest rates. The HRA business planning assumptions were reviewed each year to ensure they remained viable and sustainable. Lobbying for improved funding would continue.

2.    The Director of Housing and Regeneration confirmed the strategy which framed how the HRA ring-fenced account was used. The business plan review in December 2022 and the current priorities were highlighted. Borrowing costs had been hit, and strategic ways to mitigate risks were sought.

3.    In response to Members’ queries regarding negative Net Present Value (NPV) in the Financial Assumptions 2022/23, officers highlighted the importance of creating affordable housing, that new stock was less expensive to maintain, and that growth provided revenue.

4.    The criteria for decency were clarified by officers, and that new requirements for building safety were separate to decency standards.

5.    It was confirmed that good quality value for money new homes were created. Scope to bring existing stock to required standards often involved high costs and was challenging: the Department for Levelling Up, Housing and Communities were due to discuss these issues with Council officers in the next week.

6.    The repayment period of 50 years referenced was valid due to the confidence in the housing stock being created.

7.    In respect of energy efficiency / sustainability, around 250 new homes were connected to energetik’s network; and in existing homes insulation of roofs and external walls, particularly for properties with low EPC ratings, was an area of focus and priority.

8.    Investment should reduce the revenue used on reactive repairs by replacing rather than repeated visits for patch repairs.

9.    The Council also aimed to work supportively with private landlords.