Agenda item

Pursuant to Cabinet Minute No. 94 (2022/23) the Leader of the Council submitted a report to enable members to consider whether Chesterfield Borough Council should provide a financial rescue package to Staveley Town Council.

RESOLVED -

1.      That the Heads of Terms that have been developed by Chesterfield Borough Council as the basis of the financial rescue package for Staveley Town Council be approved.

2       That it be noted that the final decision on whether Staveley Town Council can borrow money from Chesterfield Borough Council rests with the Secretary of State for the Department for Levelling Up, Housing and Communities.

3.      That, subject to the Secretary of State’s approval, authority is delegated to the Leader of the Council and Chief Executive to make any final minor adjustments to the Heads of Terms and to sign the financial rescue package on behalf of Chesterfield Borough Council.

4       That authority be delegated to the Chief Executive in consultation with the Leader of the Council and in conjunction with the Service Director – Finance and the Property, Procurement and Contracts Law Manager to finalise the terms of the loan agreement between Chesterfield Borough Council and Staveley Town Council.

5       That the Chief Executive and Service Director – Finance be asked to update the Council’s Cabinet at appropriate intervals on Staveley Town Council’s compliance with the terms of the financial rescue package; this reporting to be informed by the bi-monthly financial management report that Staveley Town Council will be required to provide to Chesterfield Borough Council demonstrating that expenditure and income performance is in line with agreed budget estimates/cashflow forecasts.