Issue - meetings
Housing Revenue Account Business Plan
Meeting: 17/02/2025 - Cabinet (Item 6.)
6. Housing Revenue Account Business Plan 
PDF 314 KB
To approve recommendations to Full Council for consideration at its meeting on 5 March 2025, including the HRA revenue budget for 2025/26; the HRA 5-year Capital Programme totalling £916.204m; and a rent increase of 2.7% from 1 April 2025 in line with the maximum increase for social rent set by the national rent policy.
Additional documents:
- Appendix 1 - HRA Business Plan Key Assumptions, item 6.
PDF 61 KB
- Appendix 2 - HRA Business Plan Risks, Impacts & Mitigations, item 6.
PDF 57 KB
- Appendix 3 - 5-Year HRA Revenue Budget, item 6.
PDF 80 KB
- Appendix 4 - 30 Year HRA Business Plan, item 6.
PDF 112 KB
- Appendix 5 - 30 Year HRA Capital Programme, item 6.
PDF 85 KB
Decision:
Cabinet approved the following recommendations to Full Council for consideration at its meeting on 5 March 2025:
· Approve the HRA revenue budget for 2025/26
· Note the HRA 5-year revenue budgets for 2025/26 to 2029/30 and HRA 30-year revenue budgets for 2025/26 to 2054/55
· Approve the HRA 5-year Capital Programme totalling £916.204m
· Note the 30-year Capital Programme for 2024/25 to 2053/54 totalling £2.537bn
· Approve the inclusion of all Fairer Westminster investments, including the extension of the HRA Rent Support Fund by £1.000m for 2025/26 to support tenants experiencing financial difficulty during the cost-of-living crisis.
· Approve a rent increase of 2.7% from 1 April 2025 in line with the maximum increase for social rent set by the national rent policy, whilst noting that the Council continues to exercise its discretion under the rent restructuring policy to set rents for re-lets (both new tenants and transfers) up to formula target rent.
· Approve an increase of 1.7% to the fees charged for garages, sheds and parking (in line with CPI at September 2024) from 1 April 2025.
· Approve that tenant service charges be varied in line with estimated actual costs for 2025/26, from 1 April 2025.
· Note the HRA reserves and balances for the 5-year Business Plan
Reasons for Decision: The Council is required to set a budget for the Housing Revenue Account that avoids a deficit and to prepare a 30-Year Business Plan for the HRA on an annual basis to keep the long-term financial viability of the HRA under regular review. Approval is also needed to set HRA tenant rents and other charges for the financial year 2025/26.