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Re-profiling of Housing Revenue Account capital budgets to allow for the acqusition of housing property.

Meeting: 21/07/2020 - Council (Item 13)

13 Re-profiling of Housing Revenue Account capital budgets to allow for the acquisition of housing property. pdf icon PDF 219 KB

(Report of the Portfolio Holder for Housing Services and Communities)

Minutes:

The report of the Portfolio Holder for Assets and Finance sets out proposals and seeks approval to re-profile the Housing Revenue Account Capital Budgets, provisionally approved by Council on 25th February 2020, by bringing monies forward from with the current five-year programme to allow for the funding of property acquisitions and to take advantage of opportunities relating to the purchase of new-build property or other property that may be of interest to the Council under the current housing acquisitions policy.

 

In particular there is an opportunity to work with a Community Interest Company (Cornerstone) to acquire some newly refurbished and new build properties in the former Wilnecote Youth Club property.

 

The report further seeks to vire monies from the Housing Revenue Account Capital programme to fund the updating of the Council’s Asset Management Strategy

 

RESOLVED

 

That Council approved;

1

The re-profiling of a total of £6,000,000 from years 2,3,4 & 5 of the five-year Housing Revenue Account capital budget into 2020/21 to allow for the acquisition of housing property [£1,500,000 from each year from CR7005 Regeneration & Affordable Housing ].

 

2

The Freehold acquisition of the newly refurbished and new-build units from Cornerstone at the former Wilnecote Youth Club site for the sum of £5,000,000 [inclusive of 10% contingency] subject to the appropriate planning consents. The remaining £1,000,000 will be used for general acquisitions and growth of the housing property portfolio. Subject to planning consent being granted it is anticipated that works will commence in 2020/21 and be completed in 2021/22.

 

3

Authority be delegated to the Assistant Director of Assets in consultation with the Assistant Directors of Finance, Neighbourhoods, & Partnerships and Portfolio for Assets and Finance to acquire other housing properties in accordance with the current housing acquisitions policy

 

4

The virement of £54,000 from CR2001 Structural Works & £54,000 from CR2007 Neighbourhood Regeneration to fund the Housing Revenue Account element of the Asset Management Strategy Review with a reduction in the General Fund budget CH2858 Asset Management Database of £102,000.

 

 

(Moved by Councillor R Pritchard and seconded by Councillor Dr S Peaple)