Decision details

Following discussion on all budget-related reports as one and a recorded vote as recorded above, it was

RESOLVED –

(i)         the authority buys itself out of the current Housing Revenue Account Subsidy system at a cost of £67.652m as per the Communities and Local Government (CLG) HRA Self Financing Determination on 28 March 2012;

(ii)        the authority borrows up to £67.652m from the Public Works Loan Board (PWLB) to finance the buy out payment on 26 March 2012 (the loan being advanced on 28 March 2012);

(iii)       the determination of the structure of the borrowing be delegated to the Deputy Chief Executive (Corporate Direction), Deputy Chief Executive (Community Direction), Executive Member for Finance and Executive Member for Housing to make recommendations to a Joint Scrutiny Commission / Finance, Audit & Performance meeting to advise the Executive, who will make the final decision with the (non-voting) involvement of the Leader and Deputy Leader of the Opposition Group and Chairman of the Scrutiny Commission;

(iv)       the debt be repaid over a maximum period of 25 years.