The housing revenue account is a ring fenced account used to manage our (council owned) housing stock of some 3,300 properties.
The costs of managing and maintaining the properties, collecting rents and meeting the interest cost of monies borrowed to pay for investment in the housing stock are all charged to the housing revenue account. The rental income collected from tenants is used to meet these costs.
One significant item of spend on the housing revenue account is interest payments which we incurred in order to make a compulsory one off payment to the government of £98 million.
The housing revenue account is ring fenced and does not rely on funding from Council Tax.