Decision details

Options appraisal & recommendations

RESOLVED THAT

1. The Executive Director, in consultation with the Cabinet Member for Sport and Culture and the Borough Solicitor, be authorised to commence the processes set out in sections 4, 5 and 6 of this report to create, subject to the outcome of a procurement process, a new charitable trust. The trust would have the legal form of a charitable company limited by guarantee and broad objects to advance health, arts, sports and education. The trust would begin operation no later than 1 April 2014.

2. the draft 10 year financial plan be agreed as outlined in exempt Appendix 1.E to the business case, as amended for the 2013-14 standstill budget to be reported to Cabinet as part of the 2013-14 budget process (see section 3 of this report).

3. a further report be brought back to Cabinet at a later date to agree the  memorandum and articles of association, heads of terms of the various agreements and a detailed business plan (if necessary) as set out in section 7 of this report.

And Further:

4. that Council be recommended to allocate funding for one-off set up costs of £410,500, as outlined in section 3.14. The source of funding will be recommended by the Council’s Section 151 Officer in finalising the Council's revised budget 2012/13 and the budget proposals for 2013-14 including any impact on the MTFS projections as part of the budget setting process for 2013/14, to be agreed by Council in February 2013.

Member working group