Issue - meetings

To consider the Initial Estimates for the Housing Revenue Account for 2014/2015 and the proposed dwelling rents for 2014/2015.

(Report attached)

Members considered the Initial Estimates for the Housing Revenue Account for 2014/15 and the proposed dwelling rents for 2014/15.

Officers explained that the Council was at its borrowing limit in respect of the Housing Revenue Account and that this coming year represented the final year of the rent restructuring regime. Members noted that the provision for bad and doubtful debt had doubled for the coming year to reflect concerns over the introduction of Universal Credit. In addition, the point was made that the Council’s rents still represented very good value for money, given the comparative levels of rent charged by other providers and the quality of accommodation provided.

RECOMMENDED that

1)         the draft 2014/2015 Estimates for the Housing Revenue Account attached to the report at Appendix A, be approved;

2)         the actual average rent increase for 2014/2015 be 5.13% (3.2% RPI plus 1.93% due to rent restructuring); and

3)         that £3.5m be transferred to a reserve as a Revenue Contribution to Capital to fund the future Capital Programme and repay borrowing.