Issue - meetings
Joint Venture
Meeting: 11/10/2022 - Cabinet (Item 3.)
Medium Term Financial Strategy (Revenue and Capital) 2023-27
Additional documents:
- Cabinet Report - Medium Term Financial Strategy (Revenue and Capital) 2023-27, item 3.
PDF 1 MB
- Addendum to Consultation Section of MTFS, Agenda Item 3, item 3.
PDF 121 KB
Decision:
The Cabinet:
1.1. Noted the current position on the development of the Medium-Term Financial Strategy and the next steps.
1.2. Noted the feedback from the Overview and Scrutiny Committee meeting on 4 October 2022
Meeting: 11/10/2022 - Cabinet (Item 6.)
Joint Venture - A Cinema for Lichfield District
Additional documents:
- Cabinet Report - Joint Venture - A Cinema for Lichfield District, item 6.
PDF 3 MB
- Updated Appendices (H and I) to Agenda item 6, Joint Venture, item 6.
PDF 142 KB
Decision:
1.1 That Cabinet agreed and recommended to Council that:
a) Lichfield District
Council enter a joint venture Limited Liability Partnership (LLP)
with Evolve Estates(subject to any issues
identified in relation to financial standing and independent
valuation of theDebenham’s building
being satisfactorily addressed) for the purposes of developing a
new cinemaand associated food and beverage
units in the former Debenhams store on the Three Spires
retailsite.
b) Delegated authority be granted to the Leader and Chief Executive Officer to finalise the details ofthe LLP in consultation with the Monitoring Officer and S151 Officer subject to financialimplications remaining within the budget framework recommended for approval below.
c) To approve the Leader and Chief Executive being the Council’s representatives on the LLP board.
d) The Medium-Term Financial Strategy is updated to include:
•
A budget in the Capital Programme for the Joint
Venture loan advance totalling £5,349,000 (including
£400,000 being funded by the UKSPF).
• To fund
the capital investment through UKSPF funding of
(£400,000), the
capital receiptfrom the sale of Venture House
of (£850,000)
(an increase from the Review of
ReservesReport recommendation of
(£650,000) and the strategic priorities earmarked reserve
of(£4,099,000).
• A BRS
enabling works budget of £1,070,000 (a reduction from the
Review of ReservesReport recommendation of
£2,000,000) funded by the strategic priorities
earmarkedreserve of (£1,070,000).
• At this
stage, the Revenue Budget will be based on a budget neutral (no
surplus or deficit isincluded) position until
the projections included in this report have been reviewed. Any
future changes following independent review will be reported in
line with the Council’s budget monitoring and any budget
approvals will be in line with the budget framework.