Purpose

Review and approval of the Lampton Group
Business Plan for 2024/2025

Content

Cabinet agreed the implementation of the
Lampton Group Business Plan covering 2024/25 as attached at
Appendix 1 of the submitted report including putting in place
arrangements to support the delivery of the Business Plan.
 
Cabinet noted the following:
·      
The inclusion of a transformation spend request from Lampton in the
Business Plan to be funded by Lampton from its own internal
resources.
·      
That Lampton Leisure would continue to require financial support
from the Council, this was estimated to require £2.7 million
next financial year. The Council had included an amount in its
corporate contingency budget for the deficit expected from
operating leisure centres in 2024/25. A separate paper at this
Cabinet meeting proposed VAT related savings which would reduce
this loss by £750k per annum in future years and how Lampton
Leisure income would be reported if Cabinet agreed to the proposed
agency model.
·      
Lampton Investment and Development would require substantial sums
of additional borrowing from the Council to fund the purchase and
construction of new homes but the details of the borrowing and the
accompanying agreement to make these loans would be presented to a
later Cabinet meeting for agreement. This would also require an
update to the Treasury Management Strategy which would need Borough
Council approval.