Decision details

a)         That the significant financial challenges faced by the County Council be noted;

b)         That the Period 4 monitoring position from the current financial year be noted and the use of the projected £6.4m net underspend to increase the capital programme risk contingency be approved;

c)          That the proposed approach outlined in the report to updating the Medium Term Financial Strategy (MTFS) be approved;

d)         That the revised Capital Programme for 2024/25 to 2027/28, as set out in Appendix C of the report, be approved;

e)         That the marketing of the Quorn Solar Farm site with the benefit of planning and the grid connection as a leasehold or freehold disposal be approved;

f)           That the Director of Corporate Resources, following consultation with the Cabinet Lead Member for Resources, be authorised to identify and proceed with the most economically advantageous option for the Quorn Solar Farm site.

(KEY DECISION)

REASONS FOR DECISION

To seek approval for the intended approach to the development of plans to address the latest financial position.

To seek approval for the forecast net revenue budget underspend of £6.4m to be used to increase the capital programme risk contingency.

To seek agreement to the revised capital programme for 2024-28 which requires amendment as a result of the latest forecast financial position.

To seek approval to the change of approach to market the Quorn Solar Farm site in order to maximise its financial return and minimise financial risks.