Issue - meetings

A report from the Executive Director – Resources is attached.  (Key decision – reference number 5725)

DECISION:  The Cabinet agreed to:

I. Approve the HGL Business Plan for delivery in 2024/25.

II. Delegate authority to the Executive Director of Resources to enter into a new borrowing facility agreement with HGL of up to £29.4m to finance planned capital spend in 2024/25 and refinance £3.9m of properties purchased by HGL but not yet financed by borrowing.

III. Delegate authority to Executive Director (Resources) to refinance the existing loans to HGL (i.e. revise the existing loan agreements) to ensure that loan repayments from HGL are fully reflective of Council borrowing costs.

IV. Delegate authority to the Executive Director (Resources) to enter into a working capital facility with HGL for up to £2m.

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