Issue - meetings

This report provides Cabinet with a final draft of the i4B Holdings Ltd (i4B) 2023/24 Business Plan for approval on behalf of the Shareholder.

Having noted the introductory comments by Martin Smith (as Chair of the i4B Ltd Board) relating to the current performance and strategic priorities of i4B, Cabinet RESOLVED:

(1)                    To approve the i4B 2023/24 Business Plan.

(2)                    To approve the content and proposed strategic priorities of i4B’s 2023/24 Business Plan.

(3)                    To approve the updated financial model contained within the i4B 2023/24 Business Plan.

(4)                    To approve the Service Level Agreement for 2023-25 in Appendix 4 of the report.

(5)                    To delegate authority to the Corporate Director of Finance & Resources to approve the variation of the Service Level Agreement during 2023/24.

Councillor Mili Patel (Deputy Leader and Cabinet Member for Finance, Resources & Reform) introduced a report, providing Cabinet with a final draft of the i4B Holdings Ltd (i4B) 2023/24 Business Plan for consideration and approval on behalf of the Shareholder.  In considering the report, Cabinet noted the update provided in relation to the operational performance of i4B along with the ongoing work being undertaken to address the key operational issues identified in relation to voids and rent collection.  Whilst i4B was continuing to forecast positive cash balances the impact of the current economic environment, particular in relation to higher inflation and interest rates along with pressures affecting the supply chain and labour market, had also been recognised in terms of development and delivery of the current and 2023-24 Business Plan.  Given the pressures identified, it was noted that the Board had agreed to temporarily suspend their street property acquisition programme pending further review later in 2023.

Following Councillor Mili Patel’s introduction Councillor Muhammed Butt (as Leader of the Council) welcomed Martin Smith, Chair of the i4B Holdings Ltd Board, (as an online participant) and invited him to introduce the key themes in relation to the current performance and strategic priorities for i4B as detailed within the company Business Plan.  In commenting on the report, Martin Smith outlined the context in which the 2023-24 Business Plan had been developed along with the progress made against the objectives within the 2022-23 Business Plan and key strategic priorities for 2023-24.  In highlighting the challenging economic context within which i4B was operating members were advised:

·             of the measures taken to secure available finance at preferential interest rates, as part of i4B’s Development Strategy.

·             that whilst i4B had made the decision to suspend its street property acquisition programme work would continue to enable further consideration to be given to re-entering the market later in 2023, allowing market conditions to stabilise.

In terms of looking ahead, the strategic priorities identified within the 2023-24 Business Plan had remained focused around increasing the supply of affordable housing in the borough; running a viable business; delivering safe and sustainable homes; and providing a consistently good housing service in support of the Council’s wider Housing Strategy.  Members were advised these also included, as specific priorities, an approach designed to deliver accessible adapted accommodation as well as meet current environmental and decarbonisation requirements and standards, given the additional costs relating to environmental efficiency works.  In working towards these objectives, Cabinet noted the current focus within the Business Plan had therefore been adjusted towards the acquisition of new build block properties utilising the funding available pending any decision to re-enter the street property market.

Members supported and welcomed the contribution being made by i4B towards addressing housing need across the borough through the supply of safe, secure and sustainable affordable housing and in support of the Council’s wider Housing Strategy.  Having noted the current performance and strategic priorities of i4B, along with the exempt information contained within the appendices of the report, Cabinet  ...  view the full minutes text for item 7