To consider and provide a recommendation to Cabinet on the proposals set out in the attached report.
Jane Fineman, Head of Finance, Procurement and Parking introduced the report set out in the agenda.
Discussion and questions from Members included the following:
- Although Reserves were tight the Council had the ability to use them to cover the £407k needed.
- Alternatively, the Council could choose to use its working capital (internal borrowing).
- The loans to Fusion had all been fully repaid. There was no outstanding debt.
- Loans from the Public Works Loans Board (PWLB) did not allow for third party borrowing.
- Capital projects had dropped off and this was due to a number of reasons. Covid had had a significant impact, including staff having to prioritise work related to the pandemic. Other issues included a lack in the availability of material, contractors and builders and obtaining the necessary legal agreements.
RESOLVED – That the recommendations to Cabinet as set out in the report be supported.