Issue - meetings

To approve the updated Housing Revenue Account 30-year financial model to reflect the current approved and forecast revenue and capital budgets.

In February 2012, the Council approved a HRA 30-Year Business Plan for the period 2012/13 through to 2041/42.  The business plan included a detailed financial plan and tables modelling the capital programme and revenue position for the HRA throughout the period.  The financial model has subsequently been updated and approved by Council on a regular basis. Members stated that by retaining housing stock it allowed the Council to plan for the future.

RESOLVED that the updated financial model for the Housing Revenue Account (HRA) 30-Year Business Plan be approved.

Reason

The duty to keep a Housing Revenue Account and prevent a debit balance on it and restrictions as to what may be credited or debited to the account (“the ring-fence”) are governed by Part VI of the Local Government and Housing Act 1989 (the 1989 Act). The provision of a HRA business plan (the Plan) is a requirement of s.88 of the Local Government Act 2003.The purpose of the Plan is to set out the actions to be taken in line with relevant strategies and budget available to show that the Council will continue to deliver housing services which are fit for purpose. The Council has a legal duty to budget to ensure the account remains solvent and to review the account throughout the year. The Council has a duty to disclose specified information pertaining to the HRA and its operation as set out in The Housing Revenue Account (Accounting Practices) Directions 2016.