Agenda item
Sheffield City Trust's Financing Obligations
Report of the Executive Director, Resources
Decision:
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10.1 |
The Executive Director, Resources submitted a report outlining the potential to change the way the Council funds Sheffield City Trust to meet its financing obligations. |
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10.2 |
RESOLVED: That Cabinet:- |
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(a) |
approves the principle of restructuring the funding arrangements with Sheffield City Trust (SCT) to allow SCT to repay their obligations early; |
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(b) |
delegates authority to finalise the agreement to the Executive Director, Resources, in consultation with the Cabinet Member for Finance and Resources, and delegates authority to approve a scheme for restructuring the funding arrangements, including without limitation any scheme that varies from the one recommended in the report; |
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10.3 |
Reasons for Decision |
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10.3.1 |
The proposal will deliver savings to the Council in an efficient manner. |
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10.4 |
Alternatives Considered and Rejected |
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10.4.1 |
One option reviewed involved changing the existing legal arrangements with Sheffield City Trust. This option was rejected as it poses insurmountable obstacles that were not in the Council’s control. |
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10.4.2 |
Another option reviewed involved the extension of the debt term to create further savings. This option was not recommended as it extended the priod of debt. |
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10.5 |
Any Interest Declared or Dispensation Granted |
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None |
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10.6 |
Reason for Exemption if Public/Press Excluded During Consideration |
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None |
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10.7 |
Respective Director Responsible for Implementation |
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Laraine Manley, Executive Director, Resources |
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10.8 |
Relevant Scrutiny and Policy Development Committee If Decision Called In |
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Overview and Scrutiny |
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Minutes:
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10.1 |
The Executive Director, Resources submitted a report outlining the potential to change the way the Council funds Sheffield City Trust to meet its financing obligations. |
|
|
|
|
|
|
10.2 |
RESOLVED: That Cabinet:- |
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|
|
|
|
|
|
(a) |
approves the principle of restructuring the funding arrangements with Sheffield City Trust (SCT) to allow SCT to repay their obligations early; |
|
|
|
|
|
|
(b) |
delegates authority to finalise the agreement to the Executive Director, Resources, in consultation with the Cabinet Member for Finance and Resources, and delegates authority to approve a scheme for restructuring the funding arrangements, including without limitation any scheme that varies from the one recommended in the report; |
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10.3 |
Reasons for Decision |
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10.3.1 |
The proposal will deliver savings to the Council in an efficient manner. |
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10.4 |
Alternatives Considered and Rejected |
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10.4.1 |
One option reviewed involved changing the existing legal arrangements with Sheffield City Trust. This option was rejected as it poses insurmountable obstacles that were not in the Council’s control. |
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10.4.2 |
Another option reviewed involved the extension of the debt term to create further savings. This option was not recommended as it extended the period of debt. |
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10.5 |
Any Interest Declared or Dispensation Granted |
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None |
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10.6 |
Reason for Exemption if Public/Press Excluded During Consideration |
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None |
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10.7 |
Respective Director Responsible for Implementation |
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Laraine Manley, Executive Director, Resources |
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10.8 |
Relevant Scrutiny and Policy Development Committee If Decision Called In |
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Overview and Scrutiny |
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Supporting documents:
PDF 126 KB