Decision details

Purpose of Report

To consider the Housing Revenue Account (HRA) Business Plan for 2022/23.

To endorse an approach whereby a thorough review of the HRA would be undertaken during 2022 with the goal of developing an updated thirty-year business plan to cover the period 2023 to 2053.

Decision

That the Housing Revenue Account Business Plan for 2022/23 be approved and the development of an updated 30-year business plan during 2022 be endorsed.

Alternative Options Considered and Rejected

As detailed in the report.

Reasons for the Decision

With approximately 7,800 council properties, the Council was required to maintain a ring-fenced HRA, covering the income and expenditure relating to the Council’s own housing stock.  The Local Government and Housing Act 1989 specified the items that could be charged and credited to the HRA.  Furthermore, the Council had a legal duty to ensure the HRA remained solvent.

The HRA Business Plan set out the income and expenditure plans for the delivery of council housing in Lincoln 2022/23, with the Business Plan and its associated budgets being regularly reviewed and monitored.  Owing to the Covid-19 pandemic the planned comprehensive review of the thirty-year plan did not take place in 2020 and in advance of a fundamental review during the latter part of 2022/23, the Executive had approved a refreshed business plan for the 2022/23 financial year.

The HRA Business Plan included sections on the changing business environment; coherence with the golden thread performance framework; involvement of residents; service delivery; and financial planning.