That the existing Housing Revenue Account (HRA) Acquisition Provisional Budget of £7 million for 2022-23 and 2024-25 is moved to the HRA Approved Capital Programme
To facilitate the delivery of social housing whilst contributing to the Councils plan to fully utilise Right To Buy receipts.
Other options considered and rejected by the Executive:
2. Do nothing: End the current element of the programme, and potentially repay RTB receipts, plus interest, to the Government as they may not be utilised.
3. Defer a decision until the next HRA Budget is brought forward in 2023: End the current scheme and not progress schemes and opportunities currently in development and remodel the Future Programme for consideration
Details of any conflict of interest declared by the Leader or lead councillors and any dispensation granted:
The Housing Revenue Account (HRA) Capital Programme and the Capital and Investment Strategy, approved by the Council in February 2022 had included a budget programme of £1.8 million for 2022-23 and £1.8 million in 2024-25 for the acquisition of land and buildings for the HRA. A further £3 million had been agreed for a provisional programme for 2022-23 and £4 million for 2024-25 which could be used subject to individual development and acquisition plans.
It was noted that the capital programme included buying back homes that had previously been sold through Right to Buy (RTB) and homes that became available through s.106 agreements. The Council utilised RTB receipts to re-purchase homes where there was a good financial outcome in terms of favourable terms and long-term rental income potential, or to benefit the Council’s strategic objectives.
The Leader of the Council introduced the report that proposed the provisional budget be moved to the approved budget as the currently approved funds had been either committed or spent.
The meeting heard that good progress had been made throughout the year and consequently the Executive,
That the existing Housing Revenue Account Acquisition Provisional Budget of £7 million for 2022-23 and 2024-25 be moved to the HRA Approved Capital Programme.
To facilitate the delivery of social housing whilst contributing to the Council’s plan to fully utilise Right To Buy receipts.