Politics
Greenwich Council Sets Housing Rents, £362M Capital Investment Plan
The decisions set council tax levels, housing rents and a £362 million capital programme that will shape services and maintenance for Greenwich residents over the coming year.
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How we reported this
Greenwich Council approved its Medium Term Financial Strategy, budget and council tax setting for 2025-26 along with the Housing Revenue Account medium-term financial strategy and rent setting at a special meeting on 26 February 2025. The moves directly determine the rates residents will pay for council tax and social housing rents while funding maintenance and improvement projects across the borough.
The approvals follow completion of the 2023-24 Statement of Accounts, which received an unqualified audit opinion. External auditors identified ten adjustments needed, including a £13.6 million reclassification of Better Care Fund income, a £4.921 million double-counted adjustment, a £3.9 million overstatement of creditors and several property valuation misstatements totalling around £10 million. Two significant weaknesses were noted in value-for-money arrangements concerning reserves and compliance with housing and fire safety regulations.
Capital and Treasury Plans for 2025-26
The Treasury Management and Capital Strategy for 2025-26 includes £6.5 million in capital bids funded through the Flexible Use of Capital Receipts scheme to support the Medium Term Financial Strategy. The overall capital programme totals £362 million, covering projects that maintain local infrastructure and assets. Borrowing remains affordable at present, though future interest rate pressures and geopolitical factors are expected to increase costs.
For residents these choices translate into specific costs and service levels. Council tax bills will reflect the approved rates, while Housing Revenue Account rent setting determines what social housing tenants pay each month. Capital spending supports ongoing repairs to buildings and facilities used daily by families, older people and community groups.
Next Steps for Implementation
The Audit and Risk Management Panel reviewed the accounts the day before the special meeting and concluded that reserve use remains prudent with no further drawdowns planned in the Medium Term Financial Strategy. Officers will now implement the strategies, with the council tax and rent changes taking effect from April 2025 onwards.
Further details on individual project allocations within the £362 million programme will be published as spending decisions are finalised through the year.