Purpose

The purpose of this report is to provide
Members with an update in respect of the financial and operational
performance of the Rochdale Riverside Retail & Leisure
scheme

Content

The Cabinet considered
a report of the Director of Corporate Services, which sought to
inform of the 2023/24 year-end financial position as at 31 March
2024 for Rochdale Riverside Retail & Leisure Development and
the current forecast financial position as at Quarter 3 2024/25 for
Rochdale Riverside Retail & Leisure Development. The report
also sought to inform of the 10-year income & expenditure model sensitivity analysis, to enable
understanding of financial performance, including business risks
& opportunities to aid effective financial management.
 
Additionally, the
report sought to ensure that Members had full knowledge with regard
to the financial impact of Rochdale Riverside when considering
decisions around future capital investments for the Borough.
 
The Head of Commercial
Finance was in attendance to present the
information and to address the questions and the comments of the
Cabinet Members.
 
Resolved that the
content of the report be noted.
 
Reason for
decision:
Members should be kept updated on the financial position of
the authority, to ensure that budget pressures were identified and
corrective action was taken, to ensure that financial resources
continue to be spent in line with the budget, and to enable
decisions to be taken in full knowledge of all relevant financial
implications.
 
To ensure Members were
aware of the anticipated financial performance of the Rochdale
Riverside scheme over the next 10 years, including an understanding
of business risk and opportunities.
 
Alternatives
considered and rejected:
There were no
alternatives to consider for the purposes of this report.