The budget for refurbishment work across JMB homes has gone up 60% this year due to the high levels of rent payment by JMB tenants, the move to self-financing and the efficient management of contracts by the JMB team.
The JMB’s Major Works committee meeting this week heard that the budget for capital works for 2014/15 would be £2,297,045, compared to £1,440,833 for 2013/14 – the last year under the previous financing arrangements.
This 60% increase in budget is partly due to JMB tenants paying a remarkable 101.73% of their rent and to the efficient management of contracts and contractors by the JMB team. But much of this is due to the self-financing arrangement pioneered by Southwark Council and Leathermarket JMB, with the support of the Government.
JMB Chair John Paul Maytum MBE said:
“We’re absolutely delighted to have this 60% increase in funding for work to our estates this year, which is a direct consequence of the unique way the JMB is run and funded. Our residents can expect to see a real difference in the coming year because of this.
“Our close relationship with our residents mean that we’ve been able to help people to pay their rent promptly and fully and I’m really proud how the JMB team have been able to secure excellent results and value for money from our contractors.
“Most of all this shows the real difference that the self-financing system has made. The vision and drive of Southwark Council and the support of the the CLG team in Government has let us build this unique system and I’m delighted that our residents’ trust and support for self-financing is now paying off for them.
“This is the ‘proof of the pudding’ of self financing – and a tribute to everybody who has supported this and made hit happen.”
The programme for ‘decent homes’ works across the JMB estates is due to be completed within the next couple of months. The JMB is now updating its 10-year plan for capital works on its estates and this will be published on the website shortly.