Issue - meetings

Report number:     CAB/WS/23/059

Portfolio holder: Councillor Richard O’Driscoll

Lead officer: Julie Baird

Resolved:

1.       The progress update for Barley Homes and steps outlined in Report number: CAB/WS/23/059 to secure its medium-term pipeline of sites, be noted.

2.       The Barley Homes Business Plan 2023, covering 2024 to 2028, attached at Appendix A to Report number: CAB/WS/23/059, be approved.

The Cabinet considered this report which sought approval for the Barley Homes Business Plan 2023.

The Barley Homes Business Plan 2023 to 2028 contained a review of the previous year; an overview of the operating conditions for the company; a summary of the planned development programme, including aspirations around current and medium-term delivery rates; and an overview of the financial underpinnings to the future development strategy, all to demonstrate prudent resource planning. 

The total investment facility already available to support Barley Homes Ltd was a £14.25 million revolving facility (available for loans to, equity in and land purchases to support, our wholly owned housing company) funded through a mixture of capital receipts (which supported the equity element) and the Investing in our Growth Agenda fund. The annual business planning process had not highlighted a need to revise the total investment fund, considering known cash flow forecasts across the medium term.

The business plan outlined the progress with the committed sites and associated financial implications. Section 2 of the report expanded on progress and forthcoming proposals contained within the business plan.

Councillor Richard O’Driscoll, Portfolio Holder for Housing, drew relevant issues to the attention of Cabinet, including that the business plan forecasted lower returns over the next two financial years than was assumed in the Council’s budget. However, dividend returns from Barley Homes in the 2023 to 2024 financial year were £300,000 higher than budgeted.

The Cabinet supported progress made and the future direction of Barley Homes, as set out in the business plan.

Resolved:

That:

1.       The progress update for Barley Homes and steps outlined in Report number: CAB/WS/23/059 to secure its medium-term pipeline of sites, be noted.

2.       The Barley Homes Business Plan 2023, covering 2024 to 2028, attached at Appendix A to Report number: CAB/WS/23/059, be approved.