Decision details

To consider and provide feedback on the Housing Revenue Account (HRA) Business Plan 2026-2056 and the HRA Asset Management strategy 2026-2035

That Cabinet:

a) Recommend to Council to adopt the HRA Business Plan 2026-2056.

b) Supports the recommendation to Council to delegate minor operational and legislative amendments to the HRA Business Plan 2026-2056 to the Assistant Director for Housing in consultation with the s151 Officer and the Portfolio Holder for Strategic and Operational Housing

c) Recommend to Council to adopt the HRA Asset Management Strategy 2026- 2035.

d) Supports the recommendation to Council to delegate minor operational and legislative amendments to the HRA Asset Management Strategy 2026 – 2035 to the Assistant Director for Housing in consultation with the s151 Officer and the Portfolio Holder for Strategic and Operational Housing.

Section 76 of the Local Government and Housing Act 1989 requires Local Authorities with a Housing Revenue Account (HRA) to set a budget for the account that avoids a deficit, whilst using robust and valid assumptions.

Furthermore, there is a statutory requirement for the Council to review the 30-Year Business Plan for the HRA on an annual basis. The purpose of this exercise is to keep the long-term financial viability of the HRA under regular review.

The Council is required to ensure that HRA income and expenditure are balanced over 30 years. No other alternatives were considered.

To not adopt the Asset Management Strategy. This option is not recommended as the Strategy provides a clear plan to implement recommendations from the HRA Business Plan.