Issue - meetings

KD 4469 - Meridian Water Financial Review

Meeting: 16/10/2019 - Cabinet (Item 10)

10 Meridian Water Financial Model and 10 Year Budget pdf icon PDF 290 KB

A report from the Executive Director – Place is attached. (Report No.105, agenda part two also refers) (Key decision – reference number 4469)


 (Report No.104)

(7.50 – 7.55 pm)


Councillor Nesil Caliskan (Leader of the Council) introduced the report of the Executive Director – Place (No.104) seeking authorisation for the new Meridian Water 30-year financial model which had been produced following the Council assuming the role of Master Developer.




1.            That Report No.105 also referred as detailed in Minute No.19 below.


2.            The financial approvals being sought and the recommendations to full Council as detailed in the report and reflected in the decisions below.


3.            The significant progress which had been made including the award of the Housing Infrastructure Fund (HIF) funding as detailed in paragraph 1.2 of the report.


4.            The report sought authorisation for the new Meridian Water 30-year financial model; recommended a detailed capital budget regeneration programme; and, set out an indicative budget to cover capital expenditure as summarised in section 1 of the report and detailed throughout.


5.            That the anticipated 5.000 homes detailed in the report did not include any additional sites that may come forward from other third-party landowners at Meridian Water.


Alternative Options Considered: NOTED, the alternative options considered as set out in section 4 of the report including: Not approve the financial model baseline; do not approve full budget rather approve each workstream separately; approve shorter budget; seek approval for full 10-year budget.


DECISION: The Cabinet agreed to


1.            Note the Meridian Water 30-year Financial Model which confirmed the overall financial viability of delivering Meridian Water.


2.            Authorise the baseline Financial Model to be used as the reference point and basis for decision making on Meridian Water.


3.            Note the recommended detailed Meridian Water programme budget totalling £286m to cover the remainder of 2019-20, plus the 2020-21 and 2021-22 Financial Years to undertake the projects and activities set out within the report, and recommended authorisation of its expenditure to full Council.


4.            Note the indicative Meridian Water programme budget which covered the period 2022-23 through to 2028-29 totalling £245m, which was included within the Financial Model baseline.


5.            Recommend to Council the addition of £286m to the approved capital programme.


6.            Note the estimated budget requirements for 2022/23 to 2028/29 of £245m, which would be approved as part of the 10 year capital programme.


Reason: NOTED, the detailed reasons for the recommendations as set out in section 5 of the report.

(Key decision – reference number 4469)