I want to talk to you about an important subject, 'Housing Finance' and what is called the ‘Housing Revenue Account’. The two main headings regarding this subject are Capital and Revenue.
Capital money is used for long-term benefits, such as major improvements and projects. Revenues money is used for day to day such as repairs and services.
Revenue Finance also includes rents and money income from leaseholder charges, in other words ‘the more money we get in, the more we can plan to spend.’
The H.R.A as it is called, is separate from the rest of the Council’s finances, in particular the Council Tax. Other financial support is known as subsidy. In view of the importance of getting monies in to spend wisely I urge all tenants to pay their rent on time and to clear up any arrears. To leaseholders, I urge them to pay arrears and bills so that we can continue to plan further improvements to our homes and the environment.
At the moment, talks are taking place in regards to Housing Finance, so that the money can be put towards improving services.
Thank you for your time.
Alf Chandler
Chair of Hounslow Homes
June 2008