WREXHAM Council is hoping its coffers could be boosted if it is able to withdraw from a scheme which pools housing revenue from across the UK.
The authority has had to hand over about £11.2m every year for the past decade under the housing revenue account subsidy scheme.
The scheme dictates that, of the money raised through council house rent, Wrexham Council can only spend enough to cover basic repairs to council properties.
Anything raised above and beyond that is pooled, along with the excess from every other council in Wales and England.
But it was recently announced that councils in Wales would be able to withdraw from the system bringing with it financial benefits.
Wrexham Council’s lead member for housing Cllr Mark Pritchard said: “At the moment the Welsh Assembly Government takes £11m off us per year and we are hoping for that to be changed.
“We’re hoping to change it to £6-7m and will be delighted if that comes off.”
He also spoke in praise of the authority’s plans to borrow £131m over seven years as part of a £255m scheme to bring its houses up to scratch – in order to meet the Welsh Housing Quality Standard by 2020.
He said: “We’ve put a business case together and that has been submitted.
“We’ve already started on the journey by rolling out the new kitchens and bathrooms.
“If we’re successful, we’ll be looking to work with local companies in the area.
“I have no problem in borrowing as we can’t leave properties how they are.”
But he admitted if the council was not successful in achieving the funding, then it would not meet the housing standard by the Welsh Government’s target date of 2020.
He said: “The bluntness of it is that they hold the pursestrings – and, if they don’t hand us the money, the target won’t be met.”
The council’s plans to meet the Welsh Housing Quality Standard will be discussed at an executive board meeting on Tuesday.