Open Council Network - Enfield - Cabinet

AI Generated

Summary

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The Cabinet met on Wednesday 24 June 2026 to review the council's financial outturn for the 2025/26 financial year, discuss the future of its heat network company, Energetik, and consider updates on the Meridian Water regeneration project. Key decisions included approving financial transfers to reserves, noting the treasury management outturn, and agreeing in principle to a full sale of Energetik supported by a Golden Share arrangement. The Cabinet also approved a market testing strategy for remaining land parcels at Meridian Water and delegated authority for various aspects of its development.

Revenue and Capital Outturn 2025/26

The Cabinet approved several financial transfers to reserves as part of the 2025/26 Revenue and Capital Outturn report. These included a £3.6m transfer to risk reserves, contingent on government approval for Adult Social Care overspends to be funded by asset sales. A further £1.3m was transferred to the Collection Fund smoothing reserve following additional Section 31 payments, and £3.6m was moved from released insurance provisions to the General Fund insurance reserve. The Cabinet also approved the carry forward of £16.7m in capital budgets from 2025/26 to 2026/27. A recommendation was made to Full Council to note that £1.7m of an existing revenue Energetik loan was reclassified as capital during the financial year.

Treasury Management Outturn Report 2025/26

The Cabinet noted the Treasury Management Outturn position for the 2025/26 financial year. The report detailed the council's borrowing, cash investment, and cash management activities. Total external borrowing at the year-end was £1.29bn, with General Fund borrowing remaining below the set limit. Financing costs for the General Fund were £4.9m lower than budgeted, attributed to lower-than-expected capital expenditure and higher cash balances reducing the need for external borrowing. The council maintained its investments above the minimum average level set out in its Treasury Management Strategy.

Energetik Strategic Review - Update

The Cabinet noted the progress made on the Energetik Strategic Review and agreed, in principle, that the preferred option for the future of the council's heat network company is a full sale supported by a Golden Share arrangement. This decision is subject to the outcome of market testing, engagement with lenders, and the completion of the council's commercial and legal due diligence. A Golden Share would allow the council to retain certain protections, such as ensuring affordability, decarbonisation, service quality, and long-term stewardship. A further report will be presented to Cabinet following the completion of legal advice and engagement with lenders and grant bodies, outlining the final recommended transaction structure.

Meridian Water Update

The Cabinet approved a market testing strategy for the remaining parcels of land at Meridian Water, which include Phase 1 Meanwhile South and North, Station Quarter, Phase 2 South, and Phase 3 South. Authority was delegated to the Cabinet Member for Planning and Regeneration to consider feedback from this market testing and determine the most appropriate route to market for the disposal of these sites or the procurement of a strategic partner. The Cabinet noted that any final decisions on disposals or contract awards would be brought back for their approval.

Further delegations were made to the Executive Director of Housing and Regeneration to negotiate and accept offers of funding from partners such as City Hall Developer Fund, Homes England, and MHCLG to support Meridian Water's objectives. Authority was also delegated to enter into additional funding arrangements for Strategic Infrastructure Works and to agree the earliest completion of works with contractor Taylor Woodrow.

The Executive Director of Housing and Regeneration, in consultation with the Director of Property, was delegated authority to review meanwhile uses at Meridian Water, agree terms with existing or potential occupiers, and enter into necessary agreements. The Cabinet also approved the use of the Meridian Water budget for placemaking, community, commercial, and activation initiatives, subject to the council's capital approval process.

The Cabinet approved proposals for sites Phase 2 North and Phase 3 North, 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 of blocks 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 in lieu of their existing long headleases. This move aims to remove the council from future obligations under the Building Safety Act 2022, particularly concerning high-risk buildings where the council does not own any homes.

The report also highlighted the importance of placemaking and activation initiatives to ensure Meridian Water develops as an attractive and well-connected place. The council will continue to coordinate investment and align public and private sector activity to establish the desired quality and character of the area. External funding opportunities will be pursued to support placemaking interventions.

A review of meanwhile uses was proposed to ensure a coordinated approach, optimising income generation, placemaking, and social value while aligning with the programme's delivery stage and disposal strategy. The report also sought to delegate authority for negotiating and receiving additional funding for Strategic Infrastructure Works to accelerate development.

Delegated decisions linked to this meeting

Decision summaries below are AI-generated from the council’s published record. Check the council source or the full decision page before relying on them.

Revenue and Capital Outturn 2025/26
Recommendations Approved

The Cabinet approved the draft financial outturn for 2025/26 on 24 June 2026. This included recommendations for reserves movements and the carry forward of capital budgets. The decision also noted the reclassification of an existing revenue loan as capital.

Council website ↗
Revenue and Capital Outturn 2025/26
Recommendations Approved

The Cabinet decided to approve the transfer of £3.6m to risk reserves, £1.3m to the Collection Fund smoothing reserve, and £3.6m from released insurance provisions to the General Fund insurance reserve. They also approved the carry forward of £16.7m in capital budgets from 2025/26 to 2026/27. The Cabinet recommended that Full Council note the reclassification of £1.7m of an existing revenue Energetik loan as capital.

Council website ↗
Treasury Management Outturn Report 2025/26
Recommendations Approved

The Council approved the Treasury Outturn position for 2025/26 on 24 June 2026. The report noted that total external borrowing was £1.29bn, broadly stable compared to the prior year, and General Fund borrowing was £991m, below the set limit. The cost of borrowing for the General Fund was £26.5m, which was £4.9m lower than budget.

Council website ↗
Energetik Strategic Review - Update
Recommendations Approved

The Cabinet agreed to note progress on the Energetik Strategic Review and approved in principle a full sale of Energetik supported by a Golden Share arrangement. This decision was made on 24 June 2026.

Council website ↗
Meridian Water Update
Recommendations Approved

The Cabinet decided to approve recommendations for the Meridian Water update on 24 June 2026. The Cabinet approved the market testing strategy for remaining land parcels, delegated authority for market feedback consideration and route to market determination, and approved the use of the Meridian Water budget for placemaking initiatives. The Cabinet also agreed to amend the existing Development Agreement with Vistry Partnerships Ltd for the conditional sale of land.

Council website ↗
Energetik Strategic Review - Update
Recommendations Approved

Enfield Cabinet decided to approve recommendations on 24/06/2026. The Cabinet agreed in principle to a full sale of Energetik supported by a Golden Share arrangement, subject to market testing, lender engagement, and due diligence.

Council website ↗
Treasury Management Outturn Report 2025/26
Recommendations Approved

The Cabinet of Enfield Council agreed to note the Treasury Outturn position for 2025/26 on 24 June 2026.

Olga Bennet, Chief Finance Officer, approved the use of the ESPO 82_25 framework and the NHS Food Framework to award corporate food contracts. This decision was made on 11 June 2026. The decision includes awarding call-off contracts to Thomas Ridley, Bidvest, and Prescott Thomas for a total value of £950,000 and £250,000 respectively, over a four-year period. Contract management will be supported by Procurement Services.

Council website ↗
Energetik Strategic Review - Update
Recommendations Approved

The Cabinet agreed to note progress on the Energetik Strategic Review and approved in principle a full sale of Energetik supported by a Golden Share arrangement. This decision was made on 24/06/2026.

The Leader of the Council decided to withdraw the Council's defence of judicial review proceedings concerning planning consent granted to THFC for a women's and girls' football academy and a turf academy. This decision was made on 11/06/2026. The Director of Law and Governance was authorised to take all necessary steps to implement this decision.

Council website ↗
Energetik Strategic Review - Update
Recommendations Approved

The Cabinet of Enfield Council decided to approve recommendations regarding the Energetik Strategic Review on 24/06/2026. The Cabinet agreed in principle to a full sale of Energetik supported by a Golden Share arrangement, subject to market testing, lender engagement, and due diligence.

Council website ↗
Energetik Strategic Review - Update
Recommendations Approved

The Leader of the Council decided on 01/07/2026 to approve recommendations for a review of current bin collection arrangements. This review will explore the benefits, process, and cost implications of moving from fortnightly to weekly collections for dry mixed recycling and general refuse. Officers are requested to explore impacts on recycling rates, environmental implications, and route optimisation as part of this review.

Council website ↗