Agenda and decisions

The Cabinet:

1.1.  Noted the approach to developing the refreshed Medium Term Financial Strategy.

1.2.  Delegated to the Cabinet Member for Finance and Commissioning, responsibility to agree the form and timetable for the Budget Consultation covering 2024/25

1.3.  Recommended to Council to update the Capital Programme to include the Rural England Prosperity Funding of £400,000 as shown in the financial implications section of the Cabinet report

The Cabinet:

1.1.  Noted the contents of the Cabinet report and the planned actions in the Action Plan for 2023/24, the updated self-assessment against the National Procurement Strategy, progress on the Future Procurement Plan for 2022/23 and the Future Procurement Plan 2023/24.

1.2.  Noted the update on Modern Slavery and Human Trafficking for 2021/22 and 2022/23.

The Cabinet:

1.1.  Noted the report and issues raised within and that Leadership Team with Cabinet Members will continue to closely monitor and manage the MTFS

1.2.  Noted the transfers to or from general and earmarked reserves at 31 March 2023

1.3.  Approved £1,294,000 of Capital programme slippage related to 2022/23 being added to the Approved Budget in 2023/24 and 2024/25 as outlined at APPENDIX D of the Cabinet report.

1.4.  Delegated responsibility to the Cabinet Member for Finance and Commissioning and the Assistant Director Finance and Commissioning to make updates to Prudential Indicators based on more up to date information as the accounts are finalised in advance of approval by Council

1.5.  Approved an increase in the budget of Burntwood Leisure Centre project in 2023/24 by £173,000. This will be funded by transferring £88,000 from the Building a Better Council budget and £85,000 from the Freedom Leisure exit payment (approved by Council for this purpose).

1.6.  Recommended to Council to approve the actual 2022/23 Prudential Indicators.

The Cabinet:

1.1.  a) Noted the progress made on the creation of a joint venture partnership with Evolve Estates, to bring forward a new cinema and associated food and beverage (F&B) units in the old Debenhams unit in the retail centre.

b) Noted the detailed information provided on the financial standing of Evolve Estates, and independent valuations of the full site, the Debenham’s building, and the retail units proposed for exchange.

1.2.  Agreed and recommended to Full Council that Lichfield District Council’s freehold ownership of the Three Spires Shopping Centre site (excluding the Debenham’s building and six retail units no’s 32 – 44 Baker Lane) be exchanged for the leasehold of the same six retail properties

1.3.  Approved the Leader, Chief Executive and another Member of Leadership Team being the Council’s three representatives on the LLP Board.

1.4.  Approved delegated authority to the Cabinet Member for Finance and Commissioning in consultation with the Assistant Director – Finance and Commissioning (S151) and Monitoring officer (as non-LLP Board Members) to approve the Business Plan and any other documents pertinent to the operation of the LLP on behalf of the Council subject to financial implications remaining within the approved budget framework.

1.5.  Delegated authority to the Leader and Chief Executive in consultation with the Monitoring Officer and the Section 151 Officer to complete all contracts and demolition related to enabling works on the Birmingham Road Site subject to the financial implications being within Approved Budgets.

1.6.  Recommended to Council to update the Medium-Term Financial Strategy:

•         To reflect the financial and accounting implications related to the land exchange, the projected payment of Stamp Duty Land Tax for the leasehold units of £104,000 and to fund this cost from the former car park reserve approved to deliver the Lichfield City Masterplan.

•         To increase the budget in the Capital Programme for the Joint Venture loan advance to reflect additional cost inflation by £439,000 from £5,349,000 to £5,788,000 and to fund this additional capital investment from the former car park reserve approved to deliver the Lichfield City Masterplan.

•         To continue with the approach that the revenue budget is based on a budget neutral (no surplus or deficit is included) position. In addition, capital receipts related to the loan repayment will at this stage not be included in projections until more informed financial projections are provided through the Business Plan. Any future changes following receipt of the Business Plan will be reported in line with the Council’s budget monitoring and any budget approvals will be in line with the budget framework.

RESOLVED: “That as publicity would be prejudicial to the public interest by reason of the confidential nature of the business to be transacted, the public and press be excluded from the meeting for the following items of business, which would involve the likely disclosure of exempt information as defined in Paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972”

IN PRIVATE