The Cabinet of Enfield Council met on Wednesday 24 June 2026, approving financial outturn reports for the 2025/26 year and agreeing to a strategic review update for Energetik, the council's heat network company. Significant decisions were also made regarding the Meridian Water regeneration project, including approving market testing strategies for remaining land parcels and delegating authority for future disposals and funding negotiations.

Revenue and Capital Outturn 2025/26

The Cabinet approved several financial measures for the 2025/26 financial year. These included the transfer of £3.6 million to risk reserves, contingent on government approval for £10 million in Adult Social Care overspends to be funded by asset sales. A further £1.3 million was allocated to the Collection Fund smoothing reserve following additional Section 31 payments, and £3.6 million was moved from released insurance provisions to the General Fund insurance reserve. Capital budgets totalling £16.7 million were approved for carry-forward into the 2026/27 financial year. The Cabinet also recommended that Full Council note that £1.7 million of a revenue Energetik loan was reclassified as capital during 2025/26.

Energetik Strategic Review - Update

The Cabinet noted the progress of the Energetik Strategic Review. In principle, and subject to market testing, lender engagement, and due diligence, the preferred option is a full sale of Energetik, supported by a Golden Share arrangement¹. This arrangement would allow the Council to retain certain protections and oversight while enabling Energetik to access the investment and expertise needed for future growth.

Meridian Water Update

Significant decisions were made regarding the Meridian Water regeneration project. The Cabinet approved the market testing strategy for remaining land parcels, including Phase 1 (Meanwhile South, Meanwhile North, and Station Quarter), Phase 2 South, and Phase 3 South. Authority was delegated to the Cabinet Member for Planning and Regeneration to consider market testing feedback and determine the best route to market for site disposals or procurement strategies. The Cabinet also noted that final decisions on disposals or contract awards would be brought back for approval.

Further delegations were granted to the Executive Director of Housing and Regeneration to negotiate and accept funding offers from partners such as the City Hall Developer Fund, Homes England, and the Ministry of Housing, Communities and Local Government (MHCLG) to support Meridian Water's objectives. Authority was also delegated to review meanwhile uses and agree terms with occupiers, and to approve the use of the Meridian Water budget for community, commercial, and activation initiatives.

The Cabinet approved proposals for sites Ph 2N and Ph 3N, with a further report to follow on the outcome. Additionally, the existing Development Agreement with Vistry Partnerships Ltd was agreed to be amended to allow for the conditional sale of land to approved operators and long-term leaseholders in Phase 1B and Phase 2 (Block M2). Authority was delegated to the Executive Director of Housing & Regeneration to agree terms for the disposal of the Council's freehold of Phase 1B (Block D) and Phase 2 (Block M2) to existing long leaseholders. All legal agreements will be prepared and approved by the Council's external legal advisors.

Treasury Management Outturn Report 2025/26

The Cabinet noted the Treasury Outturn position for the 2025/26 financial year. This report detailed the Council's borrowing, cash investment, and cash management activities, confirming compliance with all prudential indicators and affordability limits. The report highlighted that General Fund borrowing was below the limit set by Full Council, achieving a debt reduction target ahead of schedule.