Agenda item

Members will receive a presentation on the Housing Revenue Account (30 Year Business Plan).

Members received a presentation of the Chartered Institute of Housing (CIH) in respect of the City of London Corporation’s Housing Revenue Account’s 30-Year Business Plan. 

Members noted the following headlines:

• The significant revenue repairs increase next year and an increase in capital contribution, also next year. 

• That after a peak in spending on asset management in years 1-3 of the plan, for which significant investment in properties was planned, there would be a decrease in the funding required for asset management.

• The impact of Universal Credit on income collection.

• The City of London Corporation has a relatively high borrowing capacity.  Members noted that there was a perception that the debt cap was unfair on some local authorities and the Chartered Institute of Housing supported increasing the limit.  However, in the current financial climate, borrowing had decreased but this position might change after the 2015 General Election.

• The Richard Cloudesley site development represented an innovative approach to relieving London’s housing shortage and the Housing Management and Almshouses Sub Committee would receive a further ‘gateway’ report in due course.

In concluding, the CIH representative commended the City of London Corporation’s  robust and sustainable Business Plan and placed it in the top 3 out of  70 presented to the CIH.