Decision Maker: Executive, Council

Outcome: Recommmend Forward to Council

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: July 17, 2025

Purpose: Consideration of options to mitigate the identified potential financial deficit in the Weyside Urban Village scheme.

Content: Decision: 1.          Note the options identified available to address the forecast financial deficit and the risks associated with each; and 2.          Recommend to Council (meeting 29th July 2025) that it resolve to: (i)         Approve the Treasury Management Strategy proposal outlined in Exempt Appendix 1 (ii)       Note the residual forecast deficit (detailed in Exempt Appendix 1) following the delivery of the mitigation outlined in 2.2 above and note that the Council may need to implement further mitigation action to address the remaining balance; and (iii)     Note the continued work to realise commercial opportunities linked to the Weyside Urban Village scheme. Reason(s): 1.     Under Section 114 of the Local Government Finance Act 1988 the Council is required to produce a balanced budget and take corrective action if financial problems arise. The forecast potential deficit that would be realised at the end of the Weyside Urban Village programme is substantial and would have a profound impact on the future delivery of Council services should a strategy to address this not be implemented. 2.     The Council also needs to provide confirmation to Homes England as to how it intends to address the forecast deficit and its strategy to dispose of the first phases of land for housing. 3.     The recommendations in this report seek to mitigate the forecast deficit to an extent where the impacts can be more readily managed and the implications on the long-term delivery of Council services lessened. It also supports the Council’s duty to deliver Best Value. Other options considered and rejected by the Executive: Options 1 and 3. Details of any conflict of interest declared by the Leader or lead councillors and any dispensation granted: None.