Issue - meetings

A report from the Executive Director - Resources is attached.  (Non Key)

(This item contains exempt information as defined in Paragraph 3 (information relating to the financial or business affairs of any particular person – including the authority holding that information) of Schedule 12A to the Local Government Act 1972, as amended).

Cllr Tim Leaver (Cabinet Member for Finance and Procurement) introduced the report of the Executive Director – Resources, providing an update on the performance of all four Enfield Council Companies: Energetik, Housing Gateway Limited (HGL), Montagu 406 Regeneration LLP, and Meridian Water Estate Management Company.

In response to Members’ queries, it was advised that Energetik had been successful in receiving all loans and grants applied for. Energetik continued to be profitable. HGL was important for the savings to the Council in temporary accommodation costs.

Members confirmed they had taken into account the exempt information set out in the Part 2 (confidential) report included in the agenda.

DECISION:  The Cabinet agreed to note:

a. The 2023/24 forecast loan drawdown for each company;

b. The 2023/24 performance of each company at Quarter 2;

c. The current financial position of each company;

d. HGL is exploring the option of changing current rents to reflect market rent levels. 

The report sets out the options considered, if any, and the reasons for the recommendations and the decision.

(Non Key)