The Executive Director Communities and People had submitted a report to present the HRA 40-year Business Plan for approval and implementation. Councillor Smith presented the report which aims to continue investment in Council homes, generate capacity to build more, and maintain sustainable levels of borrowing. The plans within the report are affordable and set out intentions to maximise income whilst replacing and improving old housing stock. The combined measures will support the reduction of debt and enable funding of future priorities. This will ensure that Oxford City Council is the best social landlord going forward.   

The Executive Director Communities and People highlighted that the business plan is a medium-term plan which gives consideration beyond 2031 for future investment plans as the HRA’s borrowing ability improves.  

Councillor Chapman praised the report and noted his comfort in finally seeing comprehensive plans for house repairs to be conducted through ODS that will ensure value for money and responsive service. Councillor Railton focused on the topics of retrofitting and decarbonisation in relation to EPC commitments. Finally, Councillor Brown positively commented that that Oxford City Council is the only in the Oxford region to possess and control its own housing stock meaning it can be ensured that tenants receive a better experience. 

Councillor Smith specifically thanked the Housing and Tenant Consultant for this report who in return noted that the report is beneficial for the future of tenant experiences, should hold ODS to account, and ensure good value for money.  

Cabinet agreed to 

1.    Adopt the new OCC Housing Revenue Account 40-Year Business Plan, which is attached at Appendix A that shows the HRA is able to fund planned expenditure over the medium term as set out in the 2025/26 Budget and MTFP proposals. 

2.    Agree:  

                        i.implement the actions set out at paragraph3.12 for further improving the financial position of the HRA in the medium term and bring forward availability of new borrowing from 2030/31; and 

                       ii.prepare the options available to the Council for investing the HRA beyond 2030/31 as outlined at paragraphs 3.19/20.