Issue - meetings

The Housing Revenue Account budget for 2018/19 includes an original capital programme budget of £18.552 million.  This will be supplemented by £1.564 million as a result of rephasings from 2017/18.  The capital programme budget currently includes £3.8 million for the acquisition of additional properties. 

An opportunity has arisen for the Council to acquire an additional 16 newly built housing units, with the proposed funding coming from the HRA’s acquisition and development reserve. 

Approval is sought for a supplementary budget of £4.5 million, to increase the number of much needed new units to be acquired and to provide scope for other potential projects. Decisions on individual sites or properties will be made by the Housing Portfolio Holder, subject to the budget being increased in accordance with the above. 

This supplementary budget will form part of the Council’s Financial Monitoring in due course, and would appear at that point as pre-approved.

Recommended:

That the Council be recommended to increase the 2018/19 Housing Capital Budget by £4.5 million.

Recommended:

That the 2018/19 Housing Capital Budget be increased by £4.5 million.

The Cabinet was advised that an opportunity had arisen for the Council to acquire an additional 16 newly built housing units, with the proposed funding coming from the Housing Revenue Account’s acquisition and development reserve. 

Approval was sought for a supplementary budget of £4.5 million, to allow these much needed new units to be acquired and to provide scope for other potential projects.  This made a total of £17.4 million being allocated for new council housing in 2018/19.  Decisions on individual sites or properties would be made by the Housing Portfolio Holder. 

Recommended:

That the 2018/19 Housing Capital Budget be increased by £4.5 million.