Decision - Housing Revenue Account Budget and Capital Investment Programme 2022/23 and Medium-Term Financial Strategy

RESOLVED: That the Housing Committee: 2.1 Approves a rent increase of up to 4.1% in line with government legislation as detailed in paragraph 4.9 of the report. 2.2 Approves the service charges and fees as detailed in Appendix 2 to the report. 2.3 Notes the Medium-Term Financial Strategy and 30-year financial projections shown in Appendix 4 to the report. That Housing Committee approves and recommends to Policy & Resources Committee: 2.4 That the updated HRA Revenue Budget for 2022/23 as shown in Appendix 1 to the report be agreed and recommended to full Council for approval. 2.5 That an earmarked reserve of £1.500m for the Covid-19 recovery work required to clear the backlog of responsive repairs and voids be set up as per paragraph 5.1 of the main report. 2.6 That a contribution to the rent reduction reserve of £1.200m be made from the general reserves held by the HRA as per paragraph 5.1 of the main report. 2.7 That a contribution to the Sustainability and Retrofit reserve of £1.200m be made from the general reserves held by the HRA as per paragraph 5.1 of the main report. 2.8 That the Capital Programme Budget of £85.077m for 2022/23 be agreed and notes the 3-year programme as set out in Appendix 4 to the report and recommended to full Council for approval; and That Full Council: 2.9 Approves the updated HRA Revenue Budget for 2022/23 as shown in Appendix 1 to the report. 2.10 Approves the Capital Programme Budget of £85.077m for 2022/23 and notes the 3-year programme as set out in Appendix 3 to the report.

The report sets out the Housing Revenue Account’s Medium Term Financial Strategy for 2022/23 to 2024/25 and a 30-year financial forecast. It projects a viable long-term financial position while noting that the forecast is based on current approvals and broad assumptions, and may change as costs, rents, funding and investment requirements become clearer.