Financial InformationWe are required to account separately for our housing provision via the HousingRevenue Account (HRA). This is a ring-fenced account containing the costs arisingfrom the provision and the management of the Councils housing stock, offset bytenant rents, service charges and other income.We have a 30-year financial business model to support the delivery of the HRA.It makes assumptions regarding the level of income available and the key risksfacing housing service delivery within this timeframe. It programmes in the yearswe expect to pay back the current borrowing, whilst delivering the needs of theservice.Our repairs and maintenance (R & M) programme is split between capital andrevenue. Revenue costs are funded from the revenue income from rents, whilstcapital is funded from the Major Repairs Reserve (MRR).The total R & M budget for both revenue and capital for 2019-20 is approximately£7m, which will increase in line with inflation over future years. During the life ofthe financial business plan there are projected peaks within the R & M programmewhere components will need replacing. These will be monitored and controlledto reduce the strain on the financial position of the HRA. Reducing these peaksin spending helps give a consistent financial approach, allowing accurate spendon the new development programme without the requirement of increasingborrowing and allows for better workforce planning.Between 2018 and 2020 a budget of £501k was included in both the R&M revenueand capital budgets for additional works on our only tower block at St Peter’s Court.These completed works included new window reveals, door replacement, watertank replacement, and a new sprinkler system. These works have been includedin the programme in response to the issues identified by the tragic Grenfell Towerfire in 2017 and demonstrate the Councils commitment to ensuring the safety oftenants of the building. However, events such as the Grenfell fire also demonstratethat unforeseen events can have a substantial impact on planned budgets,indicating the importance of maintaining sufficient reserves.13Getting value for money is also important and wehave sought to increase the level of partnershipworking we undertake to deliver better value. Weare working with a broad range of public sectororganisations (Norfolk County Council, SuffolkCounty Council and Great Yarmouth BoroughCouncil) to deliver home improvements thatprevent bed blocking and enable earlier hospitaldischarge benefitting the public purse as wellas being better for the client. We also carry outadaptations to homes in the private sector whichbenefit the public purse as well as generating anincome to the Council.
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