Decision details

Having previoulsy declared an interest in this item, Mark Taylor, Deputy Chief Executive and Alison Shannon, Chief Accountant left the meeting whilst Cabinet considered the report WV Living Business Plan 2022-2027.

Councillor Bhupinder Gakhal presented for approval the annual refresh of the WV Living Business Plan. WV Living had been established as a vehicle to meet Council priorities for housing in the City. The financial implications for the Company and for the Council were considered in the report and recommendations were made for the Council’s continued financial support as both a shareholder and lender to WV Living.

Resolved:

1.    That the updated business plan for WV Living 2022-2027 be approved.

2.    That authority be delegated to the Cabinet Member for City Assets and Housing and the Leader of the Council in consultation with the Chief Executive and the Director of Finance to approve detailed loan agreements, amendments to any loan agreements and the execution of any loan agreements or other financial instruments between the Council and WV Living.

3.    That the Council would continue to act as guarantor for contracts entered into by WV Living where appropriate and that authority be delegated to the Leader of the Council and the Cabinet Member for Governance and Equalities in consultation with the Director of Finance and the Chief Operating Officer to authorise any such guarantees.

4.    That in the light of the new Business Plan the Council confirms that it has confidence that WV Living is a going concern for at least the next 12 months.

5.    That it be noted that updated business plans for WV Living would be brought to Cabinet for approval on an annual basis.

6.    That it be noted that the Company would commence recruitment to the approved staffing structure to support the sustainable business plan.