Decision Maker: Executive

Outcome: Recommendations Approved

Is Key Decision?: Yes

Is Callable In?: Yes

Date of Decision: July 21, 2025

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”.