Decision details

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.