Decision details

The Cabinet:

1.1          Approved the principle of funding a new, purpose-built leisure centre at Stychbrook Park, in Lichfield based on £10m of funding provided by the Council.

1.2          Cabinet recommends to Council to approve the Capital Financing Requirement (Borrowing Need) of £5m being initially funded by Internal Borrowing.

1.3          Recommends to Council an update to the Medium-Term Financial Strategy based on the financial implications section of this report. In the event increases in Approved Budgets become necessary then the changes will be subject to further approval by Council prior to contracts being completed in line with Contract and Financial Procedure Rules.

1.4          Delegated authority to the Leader and Chief Executive in consultation with the Monitoring Officer and the Section 151 Officer to complete all contracts and funding agreements necessary to successfully deliver the new leisure centre subject to the financial implications being within Approved Budgets.