Self Financing Housing Revenue Account Business Plan
The Localism Act 2011 introduced reform of council housing finance. This is known as self-financing and the Self Financing Housing Revenue Account Business Plan (PDF File, 1,894kb) was implemented by the Council on 1st April 2012.
Newark and Sherwood District Council will now keep the rental income from its council housing stock but has taken on more debt, a one off settlement of £36.1m. The total debt attributed to the Housing Revenue Account is £110.4m.
The short-term strategic priorities for the Business Plan are:-
- Delivery of the Decent Homes Standard Plus (informed by the priorities for investment set through tenant consultation).
- Focus on the principle of debt repayment over the short term (3-5 years)
- Allowing future consideration in relation to growth (provision of additional homes)
- Maintaining the core housing management service in accordance with local service standards
- A capital works programme that will continue to include legislative, regulatory and health and safety requirements, energy efficiency measures and deliver environmental improvements
The business plan is a key corporate document which will ensure that the council can service the debt and continue to deliver a programme of capital investment and housing management services in line with tenants' priorities.