Agenda item

11.1

The Director of Housing and Neighbourhood Services introduced the report which set out the 2024/25 Housing Revenue Account (HRA) Business Plan. Each year the HRA Business Plan is reviewed and updated to set budgets and charges for the year ahead and to provide an updated 5-year plan and 30-year affordability profile. The purpose of this report is to provide the Housing Policy Committee with an update on the current national and local housing context, regulatory requirements, the priorities for Committee action alongside capital and revenue spending plans for 2024/25. The Policy Committee will then be responsible for overseeing the scrutiny and, delivery of those plans on behalf of the Council housing tenants of Sheffield.

11.2

RESOLVED UNANIMOUSLY: That the Housing Policy Committee:-

1.     Notes that the HRA Business Plan report for 2024/25, the HRA Business Plan priorities for 2023/24 and HRA Revenue Budget 2023/24 as set out in the Financial Appendix, will go to the Strategy and Resources Policy Committee at its meeting in January 2024, for recommendation to Full Council for approval;

2.     Notes that once adopted by Full Council, monitoring delivery of HRA Business Plan priorities will be within the remit of Housing Policy Committee and a regular performance reporting schedule will be approved;

3.     Notes the recommendation for the increasing of Council rents for 2024/25 in line with the Government’s Rent Standard.

11.3

Reasons for Decision

11.3.1

The report and its recommendations, sets out the scale of the challenge ahead, the limited resources available and the difficult decisions that now need to be taken to deliver a balanced HRA budget for 2024/25 and for the overall 30-year viability. The delivery of a balanced HRA budget is dependent on setting a 7.7% rent increase for Council tenants as set out in this report.

11.4

Alternatives Considered and Rejected

11.4.1

The Council is required to both set a balanced in year HRA budget and to ensure that in-year income and expenditure are balanced over 30 years. No other alternatives were considered.

11.1

The Director of Housing and Neighbourhood Services introduced the report which set out the 2024/25 Housing Revenue Account (HRA) Business Plan. Each year the HRA Business Plan is reviewed and updated to set budgets and charges for the year ahead and to provide an updated 5-year plan and 30-year affordability profile. The purpose of this report is to provide the Housing Policy Committee with an update on the current national and local housing context, regulatory requirements, the priorities for Committee action alongside capital and revenue spending plans for 2024/25. The Policy Committee will then be responsible for overseeing the scrutiny and, delivery of those plans on behalf of the Council housing tenants of Sheffield.

11.2

RESOLVED UNANIMOUSLY: That the Housing Policy Committee:-

1.     Notes that the HRA Business Plan report for 2024/25, the HRA Business Plan priorities for 2023/24 and HRA Revenue Budget 2023/24 as set out in the Financial Appendix, will go to the Strategy and Resources Policy Committee at its meeting in January 2024, for recommendation to Full Council for approval;

2.     Notes that once adopted by Full Council, monitoring delivery of HRA Business Plan priorities will be within the remit of Housing Policy Committee and a regular performance reporting schedule will be approved;

3.     Notes the recommendation for the increasing of Council rents for 2024/25 in line with the Government’s Rent Standard.

11.3

Reasons for Decision

11.3.1

The report and its recommendations, sets out the scale of the challenge ahead, the limited resources available and the difficult decisions that now need to be taken to deliver a balanced HRA budget for 2024/25 and for the overall 30-year viability. The delivery of a balanced HRA budget is dependent on setting a 7.7% rent increase for Council tenants as set out in this report.

11.4

Alternatives Considered and Rejected

11.4.1

The Council is required to both set a balanced in year HRA budget and to ensure that in-year income and expenditure are balanced over 30 years. No other alternatives were considered.