Agenda, decisions and minutes

No apologies for absence were received.

(i)         To receive declarations of disclosable pecuniary and other interests from Members in respect of any item to be considered at the meeting.

(ii)        In accordance with the Officer Employment Procedure Rules, the Strategic Director - Corporate Resources, Kevin Foster, declares a disclosable personal interest (non-pecuniary) in any items concerning the companies of which he is a Council-appointed director.  The companies are listed in the attached schedule.  The interests are such that Mr Foster may advise on those items.

(iii)      In accordance with the Officer Employment Procedure Rules, the Head of Transformation, Digital and Customer Services, Adam Walther, declares a disclosable personal interest (non-pecuniary) in any items concerning the companies of which he is a Council-appointed director.  The companies are listed in the attached schedule.  The interests are such that Mr Walther may advise on those items.

In accordance with the Members’ Code of Conduct, Councillor I Johnson declared an interest in minute item 9 – Update on Draft Medium Term Financial Strategy (MTFS) and General Fund Budget 2025-26 arising from his wife’s employment by Citizens Advice Woking.  The interest was such that Councillor Johnson left the Chamber during the determination of the item.

In accordance with the Officer Employment Procedure Rules, the Strategic Director – Corporate Resources, Kevin Foster, declared a disclosable personal interest (non-pecuniary) in any items concerning the companies of which he was a Council-appointed director.  The interests were such that Mr Foster could advise the Executive on those items.

The interest of the Head of Transformation, Digital and Customer Services, Adam Walther, was referred to in the agenda but it should be noted that Mr Walther was not present at the meeting.

To approve the minutes of the meeting of the Executive held on 14 November 2024 as published.

RESOLVED

That the minutes of the meeting of the Executive held on 14 November 2024 be approved and signed as a true and correct record.

To consider any business that the Chairman rules may be dealt with under Section 100B(4) of the Local Government Act 1972.

There were no items of Urgent Business under Section 100B(4) of the Local Government Act 1972.

To deal with any written questions submitted under Section 3 of the Executive Procedure Rules.  Copies of the questions and draft replies will be published shortly before the meeting.

No written questions had been submitted under Section 3 of the Executive Procedure Rules.  The Leader highlighted that the Executive welcomed questions from members of the public and explained the submission process.  The deadline for written questions from members of the public was 12 noon, seven days before the Executive.  The next Executive would be held on 16 January 2025 so the deadline for written questions was 12 noon, 9 January 2025.

RESOLVED

That the press and public be excluded from the meeting during consideration of parts of agenda items 6, 19 to 22 in view of the nature of the proceedings that, if members of the press and public were present during these items, there would be disclosure to them of exempt information as defined in paragraph 3 of Part 1 of Schedule 12A, to the Local Government Act 1972.

Paragraph 3 – Information relating to the financial or business affairs of any particular person (including the authority holding that information.

Reporting Person – Stephen Fitzgerald

The Executive RECOMMENDED to Council

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 this 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 this 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 titledInvestment Debt Repayment and Standstill 2024-25 and 2025-26 be noted.

Reason:   The proposals within the report form part of the Council’s overall Improvement and Recovery Plan (IRP).  The background to the Council’s past investment decisions are set out in detail in Grant Thornton’s report in the public interest that was considered by a special meeting of Council on 20 November 2024.

                 The debt standstill proposal supports the strategic aim within the IRP to “Release the council from unaffordable commitments, whilst protecting the public purse and optimising the value of existing assets” and “To take a strategic approach to reviewing the Council’s lending to companies and borrowing for its property investment estate and medium term financial strategy.”

Councillor Barker, Leader of the Council, explained that the Executive would need to be informed by the information in the confidential Part II Investment Debt Repayment and Standstill 2024-25 and 2025-26 report in order to determine the Part I Investment Debt Repayment and Standstill item relating to the Council’s companies.  Therefore it would be necessary for the Executive to go into Part II during the current item and exclude the press and public whilst the accompanying Part II report was considered.

Councillor Roberts, Portfolio Holder for Finance, introduced the report which provided an update on the Council’s existing debt repayment standstill agreement with ThamesWey and Victoria Square Woking Limited for 2024-25, a debt sweep against the agreement, and which recommended to Council a further agreement for 2025-26.  The Executive was informed that a debt standstill was a temporary arrangement between a borrower and its creditor to pause repayments for a period of time.  The conditions which the debt standstill would be subject to were set out by the Portfolio Holder, which included an agreement on the Council being provided with overarching loan security against the assets for the ThamesWey group of companies which was currently not the case.  It was noted that MHCLG and UKGI were supportive of the proposals.  An ‘in principle’ decision by the Council as majority lender would be required at its meeting on 12 December 2024, noting that the Council could not formally confirm a debt standstill position for 2025/26 until it had confirmed Exceptional Financial Support from central government for the 2025/26 financial year.  The Executive moved into Part II to consider the independent financial review of the companies.

Following conclusion of the Part II discussion, the Executive considered the recommendations to Council set out in the Part I report and agreed to recommend the proposals to Council.  The proposed debt sweep arrangement, which would allow surplus cash not required to keep the companies operational to be paid to the Council, was welcomed.  The Leader highlighted the considerable progress made in relation to the companies, for example improved company governance arrangements such as the establishment of the Shareholder Executive Committee (SEC).

RECOMMENDED to Council

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  ...  view the full minutes text for item 7.

Reporting Person – Louise Strongitharm

The Executive RECOMMENDED to Council

That  (i)    the 30-Year Housing Revenue Account (HRA) Business Plan at Appendix 1 to the report be approved; and

          (ii)   the Draft Rent Policy included as Appendix 2 to the report be agreed for consultation.

Reason:   To ensure the Council has a viable long-term strategy for spending and borrowing to maintain its housing stock and operate services for its tenants and leaseholders.

Councillor Johnson, Portfolio Holder for Housing, introduced the report which recommended to Council the approval of the 30 Year Housing Revenue Account (HRA) Business Plan and which sought agreement to consult on a new Draft Rent Policy.  It was noted that the results of the new stock condition survey, due to be completed in Spring 2025, would need to be incorporated into future iterations of the Business Plan.  Therefore, older stock condition data had been used to prepare the current Business Plan.  The Portfolio Holder reported that the proposed 5-year HRA capital programme budget allowed for £71.9m between 2025/26 and 2030/31.  It was noted that the increase in budget was necessary to meet the Council’s obligations in respect of fire safety and Decent Homes, including communal boilers.

The Executive was advised that approval was sought to consult on a new Draft Rent Policy which would allow the Council to apply “rent flexibility” to all relets of its existing HRA homes when they became vacant.

The Executive was supportive of the proposals which would positively impact Council tenants by ensuring that the Council had a viable long-term strategy for spending and borrowing to maintain its housing stock and operate services for its tenants and leaseholders.  It was hoped that further work could be done in the future regarding decarbonisation and energy efficiency once further detail was available from Government.

RECOMMENDED to Council

That  (i)    the 30-Year Housing Revenue Account (HRA) Business Plan at Appendix 1 to the report be approved; and

          (ii)   the Draft Rent Policy included as Appendix 2 to the report be agreed for consultation.

Reason:   To ensure the Council has a viable long-term strategy for spending and borrowing to maintain its housing stock and operate services for its tenants and leaseholders.

Reporting Person – Stephen Fitzgerald

The Executive RESOLVED

That  (i)    the updated position on the MTFS and the proposals for a light touch consultation process for the options set out in the report be noted;

          (ii)   the savings options at Appendix 1 to the report be supported for inclusion in the final budget proposals, subject to consultation;

          (iii)  the growth pressures at Appendix 2 to the report be supported for inclusion in the final budget proposals, subject to consultation;

          (iv)  whilst significant progress has been made, the scale of the challenge means that the level of savings is a risk and further options still need to be reviewed and presented to Members of Finance Working Group, and to Executive and Full Council in February 2025; and

          (v)   it be noted that the proposed Flexible Use of Capital Receipts at Appendix 4 to the report to be included in the MTFS in February 2025 for Executive and Council approval subject to any amendments that are required before final budget setting.

Reason:   The Council is legally required to set a budget, considering the longer-term outlook through a MTFS, which is, in the opinion of the s151 Officer, robust and allows for adequate future levels of reserves to manage potential risk levels. The report appraises Members of the work undertaken to date to provide Council with savings and budget options that meet those requirements.

The Executive received a report which provided an updated position on the Medium Term Financial Strategy (MTFS) and which presented the Executive with savings options and growth pressures to be considered for inclusion in the 2025-26 General Fund Budget.  Councillor Roberts, Portfolio for Finance, advised that MTFS reports received by the Executive in July and October 2024 had indicated a £5m underlying budget gap for 2025/26 rising to £10m by 2027/28.  Regarding the debt overhang, it was confirmed that exceptional financial support would be needed from Government for 2025/26.  The Portfolio Holder highlighted that such support would be contingent on the Council taking reasonable steps to live within its means.  The Executive was advised that if all savings options and growth pressures were incorporated into the Council’s budget, the underlying budget gap for 2025/26 would reduce from £5m down to £2.7m, and from £10m down to £4.8m in 2027/28.  It was noted that there were significant uncertainties that could affect the budget cap, such as work on recharges, overhead allocations and the local government finance settlement due later in the month.  The Portfolio Holder advised that more work was required to further close the budget gap and Officers would continue to seek further efficiencies, savings and income options.  Officers were thanked for their hard work to reduce the budget gap.  It was noted that a Member Briefing on the draft MTFS had been held on 27 November 2024 and there would be further Member updates in the New Year.

RESOLVED

That  (i)    the updated position on the MTFS and the proposals for a light touch consultation process for the options set out in the report be noted;

          (ii)   the savings options at Appendix 1 to the report be supported for inclusion in the final budget proposals, subject to consultation;

          (iii)  the growth pressures at Appendix 2 to the report be supported for inclusion in the final budget proposals, subject to consultation;

          (iv)  whilst significant progress has been made, the scale of the challenge means that the level of savings is a risk and further options still need to be reviewed and presented to Members of Finance Working Group, and to Executive and Full Council in February 2025; and

          (v)   it be noted that the proposed Flexible Use of Capital Receipts at Appendix 4 to the report to be included in the MTFS in February 2025 for Executive and Council approval subject to any amendments that are required before final budget setting.

Reason:   The Council is legally required to set a budget, considering the longer-term outlook through a MTFS, which is, in the opinion of the s151 Officer, robust and allows for adequate future levels of reserves to manage potential risk levels. The report appraises Members of the work undertaken to date to provide Council with savings and budget options that meet those requirements.

Reporting Persons – Stephen Fitzgerald and Louise Strongitharm

The Executive RESOLVED

That  (i)    progress in preparing the draft Housing Revenue Account budgets for 2025/26 be noted; and

          (ii)   Managers, Corporate Leadership Team and Portfolio Holders continue detailed budget preparation for consideration by the Executive in February 2025.

Reason:   Consideration of these proposals will enable the preparation of the Council’s Housing Revenue Account (HRA) budgets for 2025/26 to proceed.

The Executive received a report which set out the Council’s current position in preparing the draft Housing Revenue Account (HRA) budgets for 2025/26 prior to the final report to Council in February 2025.  It was highlighted that early indications were that the HRA would be in balance next year with an estimated surplus of circa £1m; an important step towards the longer-term stability of the HRA.  Revenue savings of £1m from 2025/26 would need to be targeted to deliver a viable 30 year plan.  Attention was drawn to the negative impact on the HRA in relation to Sheerwater voids and Brockhill costs.

The risks to the draft HRA budget were highlighted to the Executive.  Regarding the risk in relation to the staff pay award for 2025/26, Officers advised that budget assumptions would be refreshed as more information was available.

RESOLVED

That  (i)    progress in preparing the draft Housing Revenue Account budgets for 2025/26 be noted; and

          (ii)   Managers, Corporate Leadership Team and Portfolio Holders continue detailed budget preparation for consideration by the Executive in February 2025.

Reason:   Consideration of these proposals will enable the preparation of the Council’s Housing Revenue Account (HRA) budgets for 2025/26 to proceed.

Reporting Person – Kevin Foster

The Executive RESOLVED

That  (i)    following a competitive open market disposal process, the site be sold freehold to the recommended bidder; and

          (ii)   authority be delegated to the Strategic Director - Corporate Resources, in consultation with the Portfolio Holder, to complete the sale.

Reason:   To secure the proposed regeneration of the Goldsworth Road Industrial Estate and to realise the capital value as part of the current managed site disposal process.

The Executive received a report which sought approval of the freehold sale of the Goldsworth Road Industrial Estate following an open market disposal process.  The Executive noted that redevelopment of the Industrial Estate had been planned for some time due to it being effectively obsolete with a limited current investment value.  Redevelopment was considered the optimum route to maximise asset value, and planning consent was secured in February 2024 for its demolition and construction of a new commercial/industrial estate.  Following planning consent being granted, engagement had taken place with the businesses on their future plans.  The recommendation to sell the site was aligned to the Woking For All Strategy, the guiding principles of the Commercial Protocol, and a business case proforma including NPV (net present value) had been prepared.  The Executive supported the proposal to dispose of the site, noting the commercial and financial benefits which would be achieved.

RESOLVED

That  (i)    following a competitive open market disposal process, the site be sold freehold to the recommended bidder; and

          (ii)   authority be delegated to the Strategic Director - Corporate Resources, in consultation with the Portfolio Holder, to complete the sale.

Reason:   To secure the proposed regeneration of the Goldsworth Road Industrial Estate and to realise the capital value as part of the current managed site disposal process.

Reporting Person – Kevin Foster

The Executive RESOLVED

That  (i)    following a competitive open market disposal process the site be sold freehold to the recommended bidder; and

          (ii)   authority be delegated to the Strategic Director - Corporate Resources, in consultation with the Portfolio Holder, to complete the sale.

Reason:   To secure the proposed disposal of 6 Church Street West, Woking, GU21 6DJ and to realise the capital value as part of the current managed site disposal process.  In addition, to negate the significant current holding costs arising from a vacant building.

The Executive received a report which sought approval of the freehold sale of 6 Church Street West, Woking following an open market disposal process.  The Executive was advised that the site had been vacant and unoccupied since 2023 and there were significant holding costs whilst the site remained vacant.  The recommendation to sell the site was aligned to the Woking For All Strategy, the guiding principles of the Commercial Protocol, and a business case proforma including NPV (net present value) had been prepared.  The Executive was supportive of the proposal to dispose of the site which would raise a capital receipt in support of the current disposal initiative and regenerate a town centre site.

RESOLVED

That  (i)    following a competitive open market disposal process the site be sold freehold to the recommended bidder; and

          (ii)   authority be delegated to the Strategic Director - Corporate Resources, in consultation with the Portfolio Holder, to complete the sale.

Reason:   To secure the proposed disposal of 6 Church Street West, Woking, GU21 6DJ and to realise the capital value as part of the current managed site disposal process.  In addition, to negate the significant current holding costs arising from a vacant building.

Reporting Person – Kevin Foster

The Executive RESOLVED

That  (i)    following a competitive open market disposal process, No 2 Cherry Street G21 6DY to be sold freehold to the recommended bidder; and

          (ii)   authority be delegated to the Strategic Director - Corporate Resources, in consultation with the Portfolio Holder, to complete the sale.

Reason:   To secure the proposed disposal of the remaining part of CMS House known as No. 2 Cherry Street G21 6DY and to realise the capital value as part of the current managed site disposal process.

The Executive received a report which sought approval of the freehold sale of No 2 Cherry Street (formerly known as part of CMS House) following an open market disposal process.  The Executive was advised that the condition of the site, including its poor energy efficiency, made it unfeasible to let without major investment and therefore it had been deemed appropriate to dispose the freehold.  The recommendation to sell the site was aligned to the Woking For All Strategy, the guiding principles of the Commercial Protocol, and a business case proforma including NPV (net present value) had been prepared.  The Executive was supportive of the proposal to dispose of the site which would have both capital and income benefits.

RESOLVED

That  (i)    following a competitive open market disposal process, No 2 Cherry Street G21 6DY to be sold freehold to the recommended bidder; and

          (ii)   authority be delegated to the Strategic Director - Corporate Resources, in consultation with the Portfolio Holder, to complete the sale.

Reason:   To secure the proposed disposal of the remaining part of CMS House known as No. 2 Cherry Street G21 6DY and to realise the capital value as part of the current managed site disposal process.

Reporting Person – Beverley Kuchar

The Executive RESOLVED

That the timescales set out in the Local Development Scheme (LDS) be noted and supported.

Reason:   To confirm the Council’s commitment to preparing a new local plan and publish information on when the key stages of new plan preparation will take place.

The Executive received a report which set out the timetable for producing a new local plan for the Woking Borough Council area.  Councillor Lyons, Portfolio Holder for Planning Policy, advised that the Council’s existing local plan was due to expire in 2027.  It was noted that the Environment and Place Scrutiny Committee had considered the report at its meeting on 3 December 2024 under its remit for pre-decision scrutiny.  The Scrutiny Committee had discussed whether new planning regulations would influence the Council’s work on its new local plan, to which Officers had advised that the evidence gathered would still be useful.

Following a question, Officers advised that it would not be possible to adopt a new local plan until 2028 due to revised transition provisions within the new government’s proposals.  It was further asked how the government white paper on devolution, due to be published in December, would impact on the local plan.  It was commented that a significant number of houses would need to be delivered, along with evidence to provide justification, no matter what happened regarding local government reorganisation.  It was confirmed that work carried out now would not be abortive.

RESOLVED

That the timescales set out in the Local Development Scheme (LDS) be noted and supported.

Reason:   To confirm the Council’s commitment to preparing a new local plan and publish information on when the key stages of new plan preparation will take place.

Reporting Person – Stephen Fitzgerald

The Executive RESOLVED

That a limit on the Council’s main account with Lloyds is introduced at £10 million with immediate effect.  The existing limits on the Council’s Money Market Funds will be reviewed as part of the Treasury Management and Investment Strategies to accompany the 2025/26 budget.

Reason:   To consider the recommendation from Resource and Finance Scrutiny Committee following scrutiny of the Treasury Management Mid-Year Review 2024-25 at its meeting on 5 November 2024.

Following the Resource and Finance Scrutiny Committee receiving the Treasury Management Mid-Year Review 2024-25 at its meeting on 5 November 2024, the Scrutiny Committee agreed to recommend to the Executive that a limit be set on the percentage of the Council’s liquid assets that were held with any one institution.  Officers had considered the recommendation and had advised the Executive that a specific £ limit would be more appropriate rather than a percentage limit.  The Executive thanked the Scrutiny Committee for its useful recommendation and agreed that a limit on the Council’s main account with Lloyds be introduced at £10 million with immediate effect.

RESOLVED

That a limit on the Council’s main account with Lloyds is introduced at £10 million with immediate effect.  The existing limits on the Council’s Money Market Funds will be reviewed as part of the Treasury Management and Investment Strategies to accompany the 2025/26 budget.

Reason:   To consider the recommendation from Resource and Finance Scrutiny Committee following scrutiny of the Treasury Management Mid-Year Review 2024-25 at its meeting on 5 November 2024.

Reporting Person – Kevin Foster

The Executive RESOLVED

That the consultation response as outlined in Appendix 1 to the report be submitted on behalf of Woking Borough Council.

Reason:   To provide the Government with a full response to the consultation on behalf of Woking Borough Council.

The Executive received a report which sought agreement to a proposed formal response to be submitted on behalf of the Council to the consultation currently being undertaken by the Government which explored the possibility of allowing formal Council and Committee meetings to be held as hybrid meetings.  It was noted that the consultation also invited feedback on a proposal to allow Elected Members to vote by proxy at meetings they do not attend.  It was noted that the consultation deadline was 19 December 2024 and it was open to anyone to respond.

The Executive agreed the proposed formal response, noting that the Council would indicate that it supported the broad principle of allowing remote attendance at formal meetings and that individual Authorities were best placed to determine what limitations should be placed on remote attendance, taking into account local circumstances.  The benefits of remote attendance, particularly increasing accessibility for those with disabilities or caring responsibilities, was highlighted.  Attention was drawn to the need to invest in digital technology to enable successful hybrid meetings.  Regarding proxy voting, the Executive agreed to respond to the consultation that the Council did not consider it appropriate in any circumstances.

RESOLVED

That the consultation response as outlined in Appendix 1 to the report be submitted on behalf of Woking Borough Council.

Reason:   To provide the Government with a full response to the consultation on behalf of Woking Borough Council.

Reporting Person – Louise Strongitharm

The Executive RESOLVED

That  (i)    the Council is authorised to contract out functions relating to reviews of homelessness decisions under sections 202 and 204 of the Housing Act 1996 (as amended);

          (ii)   the appointment of an agent to fulfil the Council’s obligations to carry out a fresh review for a specific homelessness decision under section 202 of the Housing Act 1996 (as amended) be approved; and

          (iii)  the Strategic Director of Communities be delegated authority to appoint an agent to fulfil the Council’s obligation to review homelessness decisions under sections 202 and 204 of the Housing Act 1996 (as amended) when required.

Reason:   To ensure that the Council can fulfil its legal obligations under section 202 and 204 of the Housing Act 1996 (as amended) in a timely and impartial manner.

The Executive received a report which sought approval to contract out homelessness decisions under sections 202 and 204 of the Housing Act 1996 (as amended) as and when required.

RESOLVED

That  (i)    the Council is authorised to contract out functions relating to reviews of homelessness decisions under sections 202 and 204 of the Housing Act 1996 (as amended);

          (ii)   the appointment of an agent to fulfil the Council’s obligations to carry out a fresh review for a specific homelessness decision under section 202 of the Housing Act 1996 (as amended) be approved; and

          (iii)  the Strategic Director of Communities be delegated authority to appoint an agent to fulfil the Council’s obligation to review homelessness decisions under sections 202 and 204 of the Housing Act 1996 (as amended) when required.

Reason:   To ensure that the Council can fulfil its legal obligations under section 202 and 204 of the Housing Act 1996 (as amended) in a timely and impartial manner.

Reporting Person – Kevin Foster

The Executive RESOLVED

That  (i)    the report be received; and

          (ii)   the project monitoring at Appendix 1 to the report be noted.

Reason:   To apply performance management to Council projects.

The Executive received a report which provided an update on progress in relation to the Council’s project management arrangements, assurance and processes.  The report included the status of projects as at the end of October 2024, incorporating both capital and revenue projects.  Regarding the uncertainty about the spend on projects under the UK Shared Prosperity Fund (UKSPF), Officers confirmed that a formal letter had been sent to MHCLG to ask for an extension beyond 31 March 2025 for at least three months.  Details were awaited on the mechanism for further UKSPF monies in 2025/26.

RESOLVED

That  (i)    the report be received; and

          (ii)   the project monitoring at Appendix 1 to the report be noted.

Reason:   To apply performance management to Council projects.

Reporting Person – Stephen Fitzgerald

The Executive RESOLVED

That the contents of this report including the proposals for debt sweep and the findings of the Interpath report be noted.

Reason:   The proposals within the report form part of the Council’s overall Improvement and Recovery Plan (IRP).  The background to the Council’s past investment decisions are set out in detail in Grant Thornton’s report in the public interest that was considered by a special meeting of Council on 20 November 2024.

                 The debt standstill proposal supports the strategic aim within the IRP to “Release the council from unaffordable commitments, whilst protecting the public purse and optimising the value of existing assets” and “To take a strategic approach to reviewing the Council’s lending to companies and borrowing for its property investment estate and medium term financial strategy.”

RESOLVED

That the contents of the report including the proposals for debt sweep and the findings of the Interpath report be noted.

Reason:   The proposals within the report form part of the Council’s overall Improvement and Recovery Plan (IRP).  The background to the Council’s past investment decisions are set out in detail in Grant Thornton’s report in the public interest that was considered by a special meeting of Council on 20 November 2024.

                 The debt standstill proposal supports the strategic aim within the IRP to “Release the council from unaffordable commitments, whilst protecting the public purse and optimising the value of existing assets” and “To take a strategic approach to reviewing the Council’s lending to companies and borrowing for its property investment estate and medium term financial strategy.”

Reporting Person – Kevin Foster

The Executive RESOLVED

That the commercially sensitive information, in support of the recommendation to dispose under Part I of the agenda, be noted.

Reason:   To enable the anticipated freehold sale to proceed and to secure the regeneration of the site through external investment and to both realise the capital value for reinvestment and to secure its redevelopment.

RESOLVED

That the commercially sensitive information, in support of the recommendation to dispose under Part I of the agenda, be noted.

Reason:   To enable the anticipated freehold sale to proceed and to secure the regeneration of the site through external investment and to both realise the capital value for reinvestment and to secure its redevelopment.

Reporting Person – Kevin Foster

The Executive RESOLVED

That the commercially sensitive information, in support of the recommendation to dispose under Part I of the agenda, be noted.

Reason:   To enable the anticipated freehold sale to proceed and to secure the regeneration of the site through external investment and to realise the capital value for reinvestment whilst simultaneously negating the current void holding costs.

RESOLVED

That the commercially sensitive information, in support of the recommendation to dispose under Part I of the agenda, be noted.

Reason:   To enable the anticipated freehold sale to proceed and to secure the regeneration of the site through external investment and to realise the capital value for reinvestment whilst simultaneously negating the current void holding costs.

Reporting Person – Kevin Foster

The Executive RESOLVED

That the commercially sensitive information, in support of the recommendation to dispose under Part I of the agenda, be noted.

Reason:   To enable the anticipated freehold sale to proceed and to secure the regeneration of the site through external investment and to realise the capital value.

RESOLVED

That the commercially sensitive information, in support of the recommendation to dispose under Part I of the agenda, be noted.

Reason:   To enable the anticipated freehold sale to proceed and to secure the regeneration of the site through external investment and to realise the capital value.