Decision details

To consider an urgent treasury management issue further to the decision of Cabinet on 23 July 2013.

The Cabinet considered a matter relating to treasury management. This item was considered under the Special urgency procedure, having obtained the agreement of the Chairman of the Council Overview & Scrutiny Committee, as a decision could not reasonably be deferred. The report on this item had been circulated in Part 2 of the agenda as it contained information exempt from Access to Information requirements by virtue of paragraph 3 – information relating to the financial or business affairs of any particular person.

RESOLVED:

1.    That, on the Council’s behalf, the Local Government Association (LGA) and its legal representatives be authorised to represent the Council in negotiations on a basis, as set out in the part 2 report.

2.    That a reserve price, as set out in the submitted report, be submitted to the LGA and its representatives, whilst recognising that a lower price may still provide fair value for the council.

3.    That the Chief Finance Officer, in consultation with the Leader and / or Cabinet Member for Business Services be authorised, to conduct any further negotiations required on the sale price and accept a final sale price on behalf of the council.

4. That a report be brought to the next meeting of Cabinet following the conclusion of the process to advise on the outcome.

Reasons for Decisions:

The LGA have been acting on behalf of the council. Given the continuing uncertainty over the timing and amount of the final settlement, the council needs to ensure that it receives the best value for money. The council needs to send its authorisation to the LGA by 25 October 2013.

[The decisions on this item were taken under the Special Urgency procedures as they could not be reasonably deferred and come into immediate effect]