Issue - meetings

The Leader of the Council introduced the report on the ThamesWey Business Plans for 2023.  In doing so, it was noted that the Council had established a new corporate governance framework, creating a Shareholder Advisory Group (SAG) to provide a clear focus for Members to set out policy, strategy, and control for the companies that it funded.  The business plans had been reviewed by the Group as well as in the context of the challenging budget and Medium Term Financial Strategy for the Council.

Some concern was expressed over the possibility of pausing the Sheerwater Regeneration scheme.  However, the Council was advised that a mid-term review had always been planned and that it was important to ensure a robust and careful approach was taken to further debt finance, mitigating the risk to the Council’s financial position and allowing time for the Council to consider the policy implications of any rephasing of borrowing.

The Leader of the Council responded to the points made during the debate, following which the Mayor referred the Members to the recommendations within the report.  In accordance with Standing Order 10.8 the recommendations were put to a vote and the names of Members voting for and against the recommendations were recorded as follows:

In favour:                           Councillors Dr H Akberali, T Aziz, A-M Barker, G Cosnahan, W Forster, P Graves, I Johnson, D Jordan, A Kirby, R Leach, L Lyons, L Morales, J Morley, E Nicholson, M I Raja, D Roberts, J Sanderson and T Spencer.

Total in favour:                  18

Against:                             None.

Total against:                     0

Present not voting:            The Mayor, Councillor S Hussain, and Councillors A Azad, J Brown, K Davis, S Dorsett, G Elson, C Kemp, S Oades, and M Whitehand.

Total present not voting:   9

The recommendations were therefore carried by 18 votes in favour and no votes against.

RESOLVED

That (i)    the wider ThamesWey Business Plans be noted;

          (ii)   £70.3m of funding, required to continue delivery of ThamesWey Business Plans through to the end of 2023/24, be approved with the exception of Cyan, Blue and Emerald phases, which will pause at tender stage to allow these phases to be part of the wider review of the delivery of Sheerwater;

          (iii) a review period for Sheerwater phases be agreed, including the future of Cyan, Blue, Emerald and other phases, with any subsequent report back to Full Council in July; and

          (iv) the wider Shareholder actions be agreed for review in 2023.

Reporting Person – Joanne McIntosh

The Executive received a report which set out progress on a thorough and comprehensive review of Thameswey Business Plans for 2023.  The Leader explained that given the financial challenges faced by the Council, it was necessary to closely manage the level of funding to Thameswey and to ensure that the Business Plans focussed on Council priorities and were sustainable and affordable.  The Executive noted the new governance arrangements based on best practice which had been approved by the July Executive.  The Leader advised that a more rigorous challenge and scrutiny of the Business Plans was being undertaken ahead of Full Council leading to the proposal of a one year only approval of funds. Following Full Council, further work would take place to fundamentally review each phase of the Sheerwater Regeneration Scheme.

Following a question regarding the review of the Sheerwater Regeneration Scheme, the Executive was informed that work would continue as planned on the contractually committed phases of the Scheme.  It was highlighted that a mid-point review of the Scheme, previously agreed by Council, would be brought forward.  Alternative funding sources were also discussed.

Councillor Davis raised a number of questions regarding the report, including options for Thameswey Central Milton Keynes (TCMK), disposal of Thameswey Housing Limited (THL) assets and St Michael’s Community Hub.  It was hoped that the Community Hub would be delivered, however the Council would need to consider the project as part of the mid-point review as it was not yet contractually committed.  It was confirmed that there were no current plans to change Thameswey’s purpose, which included delivering affordable housing.

RESOLVEd

That  (i)    the report be noted: and

          (ii)   a further report will be made to Full Council at its meeting on 23 February 2023 on:

a)  the level of funding required to continue a proposed level of Thameswey activity from within the Business Plans;

b)  to note the wider Thameswey Business Plans;

c)  to agree the review period for Sheerwater phases; and

d)  to agree the wider Shareholder actions for review in 2023.

Reason:   Further work is required before Full Council via the Shareholder Advisory Group on a more robust approach to the review and approval of Thameswey Business Plans to balance ambition and affordability for Woking Borough Council.