Agenda and decisions

Venue: This will be a ‘virtual meeting’ on Microsoft Teams

Contact: Jo Maloney  Governance Officer

Items
No. Item

2.

DECLARATIONS OF INTEREST

Members to give notice of any interest and the nature of that interest relating to any item on the agenda in accordance with the adopted Code of Conduct.

3.

Financial Implications of Covid 19

To receive a financial update report on the implications of Covid 19.

Additional documents:

4.

URGENT BUSINESS (IF ANY)

Any other item or items which by reason of:-

 

(a)       Regulation 11 of the Local Authorities (Executive Arrangements) (Meetings and Access to Information) (England) Regulations 2012, the Chairman of the meeting, with the agreement of the relevant Overview and Scrutiny Committee Chairman, is of the opinion should be considered at this meeting as a matter of urgency as it relates to a key decision; or

 

(b)       special circumstances (to be specified) the Chairman of the meeting is of the opinion should be considered at this meeting as a matter of urgency.

 

5.

EXCLUSION RESOLUTION

Motion   (Which may be amended as Members think fit):

 

            That the public be excluded from this meeting during consideration of the remaining items on the agenda, because of the likelihood of disclosure of “exempt information” which falls within one or more descriptive category or categories of the Local Government Act 1972, Schedule 12A, as amended by The Local Government (Access to Information) (Variation) Order 2006, and specified on the agenda item or report relating to each such item respectively.

6.

STRATEGIC INVESTMENT

The Leader of the Council is to present a report.

Decision:

1. That, in accordance with paragraph 4(1) of the Council’s Budget and Policy Framework Rules as set out in Part 4 of the Council’s constitution, and having consulted with the relevant statutory officers and obtained the agreement of the Chair of the Scrutiny Committee, this matter be considered to be urgent, in that any delay caused by the key decision and call-in processes would seriously prejudice the legal or financial position of the Council or the interests of the residents of Trafford.

2. That approval be given to the proposed arrangements to provide investment by way of shareholder loans alongside the other shareholders as more particularly set out in the body of this report. 

3. That the increase be approved in the capital budget of £12.95m to be funded through prudential borrowing. 

4. That approval be given to the Council entering into a legally binding letter of commitment alongside the other shareholders as set out in the report. 

5. That authority be delegated to the Chief Executive in consultation with the Corporate Director of Finance and Systems, Corporate Director of Governance and Community Strategy and Executive Member for Finance and Investment to negotiate and finalise the detailed funding package including the letter of commitment, shareholder loan, as outlined in the body of the report together with any other necessary ancillary documents or agreements to effect the transaction.

6. That authority be delegated to the Chief Executive, Corporate Director of Finance and Systems and Corporate Director of Governance and Community Strategy to approve the detailed arrangements for, and terms of, the letter of commitment, the shareholder loans as outlined in the body of the report together with any ancillary documents or agreements to effect the transaction.

7. That authority be delegated to the Corporate Director of Finance and Systems to approve the detailed accounting arrangements for the loan, including the classification between revenue and capital.

8. That authority be delegated to the Corporate Director of Governance and Community Strategy to authorise the execution and completion of the letter of commitment and Shareholder Loan documentation (and any other necessary ancillary documents or agreements) to put into effect the above recommendations and the proposals as set out in the report.