Purpose

To approve the final debt sweep for Q4 in
2024/25.

Content

The Executive Resolved

That  (i)    the proposed debt sweep
covering the period 1 January to 31 March 2025 be approved, as set
out in Part II to the report;

         
(ii)   authority
be delegated to the Strategic Director of Finance,
the Strategic Director – Corporate Resources, the Director of
Legal and Democratic Services and the Chief Executive, in
consultation with the Portfolio Holder for Finance, following the
application of the principles, assessments and assurances provided
by the actions outlined in the report to determine the value of the
sweep for subsequent quarters up to the end of 31 March 2026;
and

         
(iii)  the continuation
of existing Debt Standstill arrangements up to 31 March 2026 be
approved.

Reason: The debt sweep proposals are part of the
existing Council approved debt standstill arrangements which form
part of the Council’s overall Improvement and Recovery Plan
(IRP).  Specially the strategic aims
within the IRP to “Release the council from unaffordable
commitments, whilst protecting the public purse and optimising the
value of existing assets” and “To take a strategic
approach to reviewing the Council’s lending to companies and
borrowing for its property investment estate and medium term
financial strategy”.