Decision details

i4B Business Plan 2019/20

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

To present i4B Holdings Ltd Business Plan for 2019/20 to Cabinet for Shareholder approval

Decision:

RESOLVED that:

 

i)     Cabinet approved the Business Plan as set out in appendix 1 to the report from the Chief Executive.

 

ii)    Cabinet agreed to increase the proportion of properties purchased in Brent and Greater London.

 

iii)   Cabinet agreed to the proposal for the realignment of agreed funding which included:

·         increasing the budget for PRS Phase 1 from the approved £103.5m to £109m.

·         Changing the PRS Phase 2 budget from £116m to £110.5m.

·         Making £24m of the £110.5m available for the street properties and

making £86m available for the purchase of new build properties

·         Total agreed funding remains the same at £254.5m.

 

iv)   Cabinet approved the increase of the Company’s cash flow facility from £3.5m to £4.0m.

 

v)    Cabinet approved the Rent Collection and Arrears Management policy as set out in appendix 2 to the report from the Chief Executive.

 

vi)   Cabinet approved the updated financial model.

Reason Key: Affects more than 2 wards;

Wards Affected: (All Wards);

Contact: Sadie East, Head of Transformation Email: sadie.east@brent.gov.uk Tel: 020 8937 1507.

Report author: Sadie East

Publication date: 12/02/2019

Date of decision: 11/02/2019

Decided at meeting: 11/02/2019 - Cabinet

Effective from: 19/02/2019

Accompanying Documents: