Decision details

Council APPROVED:

(a)        the expansion of the housing company portfolio over a six year period 2015/16 to 2020/21, as set out in option C of the Cabinet report.

(b)        the adoption of the five year business plan set out in Appendix B.

(c)        the establishment of three new fixed term posts to deliver the business plan.

(d)        the establishment of a Board to oversee the work of the company as set out in paragraphs 29 to 31 of the Cabinet report.

(e)        an amendment to the Council’s Borrowing and Investment Strategy to include additional Council capital expenditure and borrowing of £100 million for on-lending to Ermine Street Housing with effect from December 2015.

(f)         an amendment to the Council’s Borrowing and Investment Strategy for the minimum revenue position to include a fixed and floating charge over or an equity share of an asset of value as a full or partial proxy for the provision.