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Waverley Borough Council Committee System - Committee Document

Meeting of the Council held on 17/02/2004
Housing Revenue Account Capital Programme for 2004/05



APPENDIX A.3
WAVERLEY BOROUGH COUNCIL

COUNCIL MEETING - 17TH FEBRUARY 2004

REPORT OF THE EXECUTIVE – 3RD February 2004

HOUSING REVENUE ACCOUNT CAPITAL PROGRAMME FOR 2004/2005
[Wards Affected: All]

Introduction

1. The Executive considered the draft 2004/2005 Housing Revenue Account Capital Programme attached at Annexe 17 at its meeting on 3rd February. The overall parameters for the Capital Programme are set out within the Council’s Financial Strategy.

Housing Revenue Account

2. The content of the draft programme is unchanged since that seen by the Executive on 6th January 2004. Additional provision has been made for risk management in relation to trees in line with a decision taken by the Executive at its meeting on 2nd December last. An additional 500,000 is also being proposed in 2004/05 in relation to decent homes work and to maintain the budgets for disabled adaptations and community safety work. Current proposals allow for some 13.5m being spent on ‘decent’ homes during the next three years.

3. The proposals for 2004/05 and the indicative programme for the subsequent two years draw heavily on the existing unapplied capital receipts resource at a time when there is likely to be a significant drop in new usable receipts as a result of the introduction of capital receipts pooling on 1st April 2004. A significant fall in the number of right to-buy sales is also anticipated.

Affordable Homes

4. It is felt that current resources could support a small affordable housing programme of, say, some 500,000 in 2004/05 when Waverley will also receive 1.1m of Government support via the Housing Corporation. The Council has already agreed to use 1.2m of the resources allocated in its original Local Authority Social Housing Grant Programme for 2003/04 to fund affordable housing at the former Institute of Oceanography site at Wormley. Given the lack of certainty as to whether Government funding will continue, it is suggested that 1m affordable housing provision is made in each of the years 2005/06 and 2006/07.

Prudential Borrowing

5. The Executive has given consideration to Prudential Borrowing. However, with the current high level of capital receipts generated from council house sales, it is not envisaged that borrowing will be undertaken in 2004/05.


Observations of the Community Overview and Scrutiny Committee

6. The Committee made no observations but recognised that the 1.1million capital grant to be received from the Government via the Housing Corporation is beneficial to Waverley residents.

7. The Executive

RECOMMENDS that

Background Papers (DoF)

There are no background papers (as defined by Section 100D(5) of the Local Government Act 1972) relating to this report.

comms/council/2003-2004/048