Decision details

RESOLVED

That  (i)    it be noted that the Council will be requesting Exceptional Financial Support for 2025/26 and this request will incorporate the interest and minimum revenue provision costs in relation to the loans made to companies and the debt standstill and debt sweep contained within the report;

         (ii)   a 2025/26 financial year investment debt repayment standstill on the Council’s investment loans to the ThamesWey group of companies and Victoria Square Woking Limited be approved (subject to the conditions and caveats set out in the report and subject to confirmation of Exception Financial Support from central government) for the financial year 2025/26 as set out in recommendation (i);

         (iii)  a debt sweep for the period up to the end of December 2024 be approved and authority be delegated to the Strategic Director for Finance, the Strategic Director - Corporate Resources, the Director of Legal and Democratic Services and the Chief Executive, in consultation with the Leader and Deputy Leader of the Council, following the application of the principles, assessments and assurances provided by the actions outlined within the report to determine the value of the sweep; and

         (iv)  the findings in the Part II report set out under Agenda Item 19 of the Executive agenda titled Investment Debt Repayment and Standstill 2024-25 and 2025-26 be noted.