Agenda item

To consider the following financial information:

o   Shareholders Position tab – this provides an indicative projected forecast of both the P&L and the shareholder funds position for the existing approved schemes and those 5 schemes in progress

[please note there are many variables that impact this final financial position and the firming of figures is dependent on any sites that are taken forward]

o   Debtors, creditors and WIP listings are as at last week

o   TVD Forecast 21/22 P&L and Balance Sheet that were attached to agenda item 08 TVD Business Plan – Current Forecast

o   12 month projected cashflow forecast

o   actual cashflow of previous 12 months 

o   accounting policy for stock/WIP 

The Committee considered the report of the Chief Operating Officer contained on pages 49 to 72 of the Book of Reports, which provided responses to the comments and questions raised at the previous Shareholders Committee meeting held on Monday 28^th March 2022.

The Corporate Finance Manager (Deputy S151) discussed with Members of the Committee the documents that were contained within the agenda relating to financial information.

A Motion was circulated, which was moved and seconded as follows:

"1.    The Committee greatly appreciates the guidance received from our Officers in the Note on PWLB Guidance and CIPFA Prudential Code and acknowledges that this Council cannot borrow to fund open market property developments outside of the Borough.

2.     In consequence, the Committee makes the following recommendation to Full Council:

The following sites detailed in Appendix B Development Schedule in Progress – Appraisal be removed from the list of pipeline properties:

A.    Much Hoole

B.    Heswall

C.    Cheshire East

D.    South Ribble

E.    St. Helens

F.    Wigan

G.   Warrington

H.    Preston

I.       Liverpool "

A vote was taken the Motion was CARRIED.

The Committee continued the discussions and comments and questions were raised in the respect of the following:

·       That in relation to the Much Hoole site, subject to Planning permission, a registered provider was interested in partnering with TVDL and purchase the complete scheme.  

·       That the Committee needed to see details of the options for the Much Hoole site before it is removed from the list of pipeline schemes.

·       That Authorities or Housing Associations may be interested in using TVDL as a development partner, which would be within PWLB Rules and could return a profit to TVD.

·       Local Partnerships 13 recommendations – progress, particularly Recommendations 1, 2 and 7

·       The Bonus System

·       Human Resources

·       Risk Appetite

·       The Independent Review undertaken by Local Partnerships

·       Open market building outside of the Borough.

·       Regeneration of Estates – Potential Works

·       A figure on the number of houses to be built in one year

·       Overheads

·       The possibility of improving existing housing stock

·        Meeting demand for Council Housing 

The Head of Finance, Procurement and Commercial services advised that some interim financial support into the Company will be needed due to the Finance Manager leaving.

RESOLVED:     A.     That the financial information provided be noted.

B.     That the Committee greatly appreciates the guidance received from our Officers in the Note on PWLB Guidance and CIPFA Prudential Code and acknowledges that this Council cannot borrow to fund open market property developments outside of the Borough.

C.     That Council be recommended to remove the following list of pipeline sites detailed in the 'Development Schedule in Progress – Appraisal', attached at Appendix B to the report:

1.     Much Hoole (subject to D below)

2.     Heswall

3.     Cheshire East

4.     South Ribble

5.     St. Helens

6.     Wigan

7.     Warrington

8.     Preston

9.     Liverpool

D.     That a full appraisal of Much Hoole be brought back to the Committee for consideration.

E.     That an appraisal of the future delivery options available to TVD within the PWLB (Public Work Loans Board) rules be brought back to the Committee.

F.     That progress on the Local Partnerships recommendations be submitted to the next meeting, with a more detailed update being provided in respect of Recommendations 1, 2 and 7.

G.    That some interim financial support into the Company, needed due to the Finance Manager leaving, be agreed.