Issue - meetings

The report of the Director – Finance and Corporate Services is attached.

It was RESOLVED that:

a)           a short term cash advance of up to £250k be approved to be repaid by East Leake Parish Council once it has received additional external funding; and

b)           the Borough Council’s Capital Programme be temporarily adjusted to reflect the agreed loan figure of up to £250k.

The Cabinet Portfolio Holder for Finance and Customer Access, Councillor Moore, presented the report of the Director – Finance and Corporate Services proposing a temporary cash advance for East Leake Parish Council.

Councillor Moore advised that East Leake Parish Council was currently developing a much needed sports pavilion, which had been partly funded by developers and a very generous contribution from the Football Foundation. Additional funds would be made available through Community Infrastructure Levy (CIL) money, together with funding from a Public Works Loan Board (PWLB) loan, which the Parish Council was negotiating.  In the meantime, Cabinet was advised that the Parish Council had a short-term cash flow need, and had requested a short-term loan of £250k, which had been fully endorsed by the East Leake Growth Board.

Councillor Moore advised that a legal agreement had been drawn up, incorporating an agreed interest rate, and that the loan would be repaid once the Parish Council had received the additional funding.        

In seconding the recommendation, Councillor Brennan stated that the current pavilion was no longer fit for purpose and given the housing and population growth in East Leake, it was essential that the village had an up to date facility to use.  Cabinet was reminded that the Parish Council had worked extremely hard to bring this important project forward and this would only be a short term loan, which was expected to be repaid promptly.  

Councillor Edyvean reiterated the importance of this project to East Leake, and that the Council looked forward to seeing it come to fruition.

It was RESOLVED that:

a)           a short term cash advance of up to £250k be approved to be repaid by East Leake Parish Council once it has received additional external funding; and

b)           the Borough Council’s Capital Programme be temporarily adjusted to reflect the agreed loan figure of up to £250k.