Agenda item

Report number CFM473 by the Cabinet Member for Finance.

(Enclosure)

Please note that the exempt appendix to this report will follow

Decision:

The Council approves

1.         A revenue budget in 2018/19 of up to £100k for initial set-up costs and up to £500k as initial working capital for DeliverSK and to approve the use of the Council’s local priority reserve to finance this budget amendment

2.         The necessary capital budget allocation as set out in paragraph 1.12 of exempt appendix 1 to report number CFM473 in order to proceed with the acquisition of a parcel of land in the South Kesteven area, and the associated capital financing costs in future years’ revenue budgets

3.         That the Governance and Audit Committee is asked to consider any changes necessary to the Council’s Treasury Management Strategy to allow the initial and future investments in DeliverSK activities and projects

It was proposed, seconded and on being put to the vote agreed that the press and public should be excluded from the meeting because of the likelihood that information exempt under paragraph 3 of Schedule 12A of the Local Government Act 1972 (as amended) as contained in the exempt appendix to report number CFM473 would be disclosed to them.

14:11 – Members of the press and public left the meeting

The Cabinet Member for Finance introduced report number CFM473 and proposed the recommendations detailed in the report, adding that he wished a single vote to be taken on all recommendations. The proposition was seconded.

Several Members spoke in support of the acquisition of land in South Kesteven and the potential opportunities and advantages it presented.

Some reservations were expressed that a broader range of Members would not be involved in the selection of the private sector partner for DeliverSK. It was noted that the formation of the company had been considered in depth by the Growth Overview and Scrutiny Committee. Members were reminded that the proposed model for DeliverSK was not unique and in order to enable its formation to progress as swiftly as possible, the Chairman of the Governance and Audit Committee promised an early meeting at which the Committee would consider updates to the Treasury Management Strategy. Members recognised that the projects allowed the Council to proactively influence the economic development of the district.

14:31 – The meeting returned to open session and members of the press and public returned to the meeting

A request was made that a recorded vote be taken. As the request was supported by more than ten Members of the Council, in accordance with Article 4.13.4 of the Council’s Constitution, a recorded vote was taken.

The proposition was carried.