2023-24 Housing Revenue Account Budget Motion
North Lanarkshire Council · 23 February 2023
Back to Council — 23 February 2023 and its agenda
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2023/24 HRA Budget Motion 1. In setting the 2023/24 budget for the Housing Revenue Account, Council notes the continuing progress made in delivering the ambitious programme for housing, supported by previous budget decisions, including: • Increasing the Council’s target for new supply housing from 2,150 by 2027 to 5,000 by 2035, • Completion of 970 new build homes with a further 421 on site. Sites have been identified and are at various stages of progression for a further 1,346 homes, • Expansion of the buy back scheme which will allow around 130 homes to be brought back into use each year. A total of 606 homes have already been purchased, • The approval, development and ongoing delivery of plans for investment and re- provisioning of the Council’s tower properties, and • Approval of record investment in a 5 year mainstream capital programme from 2021/22 to 2025/26 that aims to deliver £354m of investment in the Council’s housing stock representing a 20% increase from the previous 5 year period. 2. Note the cost pressures and base budget savings outlined in Section 2 of the ‘Housing Revenue Account – Revenue Estimates 2023/24’ report. 3. Propose a rental increase of 5% for 2023/24 to generate £7.156m. With inflation at 10.5% in December, this below inflation increase will allow for the continuation of high quality and valued service provision by the Housing service and maintenance of plans for record capital investment of over £130m in 2023/34 to ensure the Council continues to meet home quality standards, build new homes, buy back properties and reprovision towers. 4. Importantly, a rental rise of 5% will ensure the Council can continue to support tenants on low incomes and on Universal Credit through its Rent Assistance Fund. 5. Propose £1m from the 2022/23 projected surplus is allocated to the Rent Assistance Fund to increase the number of tenants receiving support. 6. Propose one-off utilisation of £3.088m from the Ambition Reserve to support cost pressures during 2023/24. 7. Propose all other charges including for lock-ups, laundries and Sheltered Housing utilities are also increased by 5%. 8. Agree to maintain a core contingency reserve representing 1% of the Housing Revenue Account annual budget (approximately £1.500 million).