Agenda and minutes

Public Speaking: To register your intention to speak at a Council, Cabinet or Committee meeting, please contact Democratic Services on committee@uttlesford.gov.uk or 01799 510410, 510548, 510369 or 510460. Panel, Forum and Working Group meetings do not generally permit public speaking. Please refer to a specific meeting's pdf agenda pack for further information and registration deadlines.

Live Broadcast: For Council, Cabinet and Committee meetings the video player will be available on this page under the Media banner a few minutes before the meeting is due to begin. Please note that Panel, Board, Forum and Working Group meetings are not generally broadcast on the website. We believe that live streaming video of our formal decision making meetings, and publishing the recordings to be watched back later, is good for democracy – and you can find these videos on our website. This video technology sits alongside the longstanding practice of providing seats in the public gallery for members of the public and journalists to turn up and watch our in-person meetings live. Please understand that whilst we will continue to make every reasonable effort to ensure that our key public meetings at which important decisions are live streamed and recorded, any failure in that technology does not in any way invalidate the legitimacy of that meeting or of the decisions taken at it. Even in the event of such occasional technical failures, the public gallery will still have been open, as required by law, and the minutes of the meetings will still be made available in due course.

Zoom and YouTube have their own privacy and data security policies, which can be accessed at www.zoom.us and www.youtube.com.

Venue: Zoom - https://zoom.us/. View directions

Contact: Democratic Services  Email: committee@uttlesford.gov.uk

Items
No. Item

1.

Apologies for Absence and Declarations of Interest

To receive any apologies and declarations of interest.

Minutes:

Apologies for absence were received from Councillors Criscione and Lemon.

 

2.

Exclusion of public and press

Consideration of reports containing exempt information within the meaning of section 100I and paragraph 3 part 1 Schedule 12A Local Government Act 1972.

Minutes:

RESOLVED that under section 100I of the Local Government Act 1972 the public be excluded for the following item of business on the grounds that it involved the likely disclosure of exempt information as defined in paragraph 3 part 1 of Schedule 12A of the Act.

 

3.

Investment Opportunities

To consider the endorsement of the Investment Opportunities and to authorise the necessary borrowing as set out in the reports.

Additional documents:

Minutes:

The Leader of the Council outlined the report. He stated that the Council was in a difficult financial situation and needed to act to protect services. He stated that the Investment Board held on 11 June 2020 had been an excellent meeting and that the two new Independent members had made positive contributions. He thanked the Director – Finance and Corporate Services, the Assistant Director – ICT and Facilities and the experienced advisors for their continuing contributions. He detailed each of the investment opportunities and stated that Investment Opportunity (iv) was no longer to be considered as the vendor had withdrawn the option.

 

He proposed that all the investment options be considered within one single motion and asked, through the Chair, that the Chief Executive provide an updated financial position to Members.

 

The Chief Executive stated that she had attended the Investment Board meeting held on 11 June 2020 and that consideration of investment opportunities needed to be put in the context of the Council requiring resources to run the organisation, particularly bearing in mind new roles and responsibilities gained during theCovid- 19 outbreak and the possibility of a no trade deal Brexit position. The current budget deficit forecast was £5m. The Council had to date received Central Government awards of £27,000 and £930,000 and a further package of measures was expected before the end of June 2020. Measures were likely to include consideration of Collection Fund balances, fees and charges and investments. She said that the Government was likely to view future Council investments less favourably. She said that all Councils needed revenue to provide resources and could not run at a deficit. She said that Members needed to consider whether the investment opportunities under consideration would provide the Council with sufficient additional funding.

 

Councillor Dean joined the Zoom Meeting at 6.30pm

 

Councillor Hargreaves seconded the motion.

 

Councillor Sell said that for reasons of good governance each investment opportunity should be voted on separately.

 

The Chair stated that he had discretion to take each item individually.

 

Councillor Barker asked that in future greater details of proposed schemes should be provided.

 

CouncillorBagnall said that total sums should be revised to take account of Investment Opportunity (iv) not being taken forward.

 

Councillor Evans requested details of covenant arrangements and identification of proposed guarantors. He also commented on the possible fee structure from the law firm that would be involved in the transactions.

 

In response, the Director – Finance and Corporate Services said that the accounts of the holding company for Investment Opportunity (ii) had yet to be scrutinised. He also indicated that favourable fee arrangements were in place with the law firm.

 

CouncillorFairhurst said that he recognised that the Council needed investments in place but was concerned about checks and balances within the governance processes.

 

Councillor Light stated that she appreciated both the situation and all the hard work involved in this matter. However, her party could not support this process. She said there  ...  view the full minutes text for item 3.