1. www.haringey.gov.uk Housing Revenue Account Business Plan 3 rd December 2015 Sue Witherspoon Housing Strategy and Projects

2. www.haringey.gov.uk Financial challenges Rent reduction costs us £2.5m in 2016/17 and £33m over four years (c.f. anticipated income) Never reached target rents (average rent £105.50; £3.08pw below target rents) New stock condition information provides for a range of different costs Current commitment to keeping the New Build programme going Treasury management policy

3. www.haringey.gov.uk Stock condition is a challenge....

4. www.haringey.gov.uk Stock condition Costs The Haringey Standard cost £90.5m in Year 1 (2015/16) Costs £1.039m over 30 years These costs cannot be met, and the HRA would go into deficit Cost in Year 1 £90.5m but only available budget of £50m, a shortfall of £40m

5. www.haringey.gov.uk Funding for the Capital Programme Funding for capital programme Major repairs reserve£22.8 Contibution from balances£8.9 New Borrowing£1.60 RTB receipts£0.70 Leaseholder contributions£9.80 Decent Homes£11.20 £55.0 But the need is: £90m in Year 1 and so

6. www.haringey.gov.uk The Stock investment Funding gap

7. www.haringey.gov.uk Capital Programme 2015/16 (£m)2016/17 (£m) Stock investment£55.20£49.80 New Build£28.0£0 High Road West Leaseholders Buy Back£6.00£2.14 High Road West Tenants Home Loss£2.48£0 £91.68£51.94

8. www.haringey.gov.uk A new approach to stock investment “Essential” standard Minimum works for estates where regeneration planned, or other plans (HDV) Targeted investment on an estate by estate basis HfH tasked with drawing up new Asset Management Strategy by autumn 2016

9. www.haringey.gov.uk Changes in the financing of the Business Plan Treasury management policy (and for Forced Sales) Ring fencing all HRA receipts Review of income –Garages –Service charges –Void performance –Temporary accommodation income (within HRA – hostels and stock on licence Review of expenditure –Management fee –Repairs policy

10. www.haringey.gov.uk What else can we do?