Agenda and minutes

Sutton Shareholdings Board
Monday, 22nd February, 2016 6.30 pm

Venue: Civic Offices, St Nicholas Way, Sutton SM1 1EA

Contact: Alexa Coates, Head of Committee and Management Support  Tel: 020 8770 5094 | Email:  alexa.coates@sutton.gov.uk

Items
No. Item

19.

Election of Chair for the meeting

Minutes:

It was moved by Councillor Sunita Gordon, seconded by Councillor Daniel Sangster, and

 

RESOLVED: That Councillor Jayne McCoy take the chair for this meeting.

20.

Apologies for absence

Minutes:

Apologies for absence were received from Councillor Simon Wales.

21.

Declarations of Interest

Minutes:

No declarations of interest were made.

22.

Any Items the Chair deems urgent

Minutes:

There were no urgent items.

23.

Minutes pdf icon PDF 17 KB

To confirm as a correct record the minutes of the meeting held on 16 November 2015.

Additional documents:

Minutes:

The minutes of the meeting held on 16 November 2015 were approved as a correct record and signed by the Chair.

24.

Sutton Decentralised Energy Network Business Plan Annual Review and Performance Update pdf icon PDF 156 KB

This report presents for approval the business plan annual review for Sutton Decentralised Energy Network Limited, noting amendments to the Phase 1 delivery timetable.

 

Additional documents:

Minutes:

The Head of Economic Renewal and Regeneration introduced the report, which detailed the annual review of the business plan for Sutton Decentralised Energy Network Limited, and highlighted the key revisions to the plan, as detailed in section 4 of the report. 

 

The Head of Economic Renewal and Regeneration confirmed that the formal registration of Sutton Decentralised Energy Network Limited has now been submitted to Companies House, although the company itself is not yet trading, and procurement is underway by council officers via authority delegated by the Housing, Economy and Business Committee.

 

RESOLVED:  That the Opportunity Sutton Ltd Sub-Committee:

 

1.         Approves the Sutton Decentralised Energy Network Limited business plan as attached in Appendix A to the report, noting the revisions made.

 

2.         Approves the Sutton Decentralised Energy Network Limited risk register as attached in Appendix B to the report, noting the revision made.

 

3.         Notes the project performance update, in paragraphs 3.3 – 3.5 of the report.

25.

Sutton Living Business Plan Annual Review and Performance Update pdf icon PDF 157 KB

This report presents for approval the business plan annual review for Sutton Living, highlighting proposed revisions to the proposed development programme and their financial implications, as well as a performance update for the Company and the current risk register.

 

Additional documents:

Minutes:

Simon Latham, the Executive Head of Housing and Regeneration, and Mark Baigent, Interim Managing Director presented the report, which set out the annual review of the business plan for Sutton Living Limited.  The Executive Head of Housing and Regeneration highlighted proposed revisions to the development programme, along with their financial implications, together with the performance update and current risk register.

 

At the suggestion of the Sub-Committee, the Executive Head of Housing and Regeneration undertook to update the business plan as follows:

 

Executive Summary (section 1), second paragraph amended to read: “The Council also wishes to generate revenue surpluses for the General Fund wherepossible”.

 

Background (section 3), second paragraph amended to read: “Setting up a company means the Council can determine the tenure and rent, build homes and borrow money to finance the schemes outside the HRA borrowing cap”.

 

RESOLVED:  That the Opportunity Sutton Ltd Sub-Committee

 

1.         Notes the revised Sutton Living Limited business plan as attached in Appendix A, the performance update set out in section 4 and the confidential risk register as attached in Appendix B.

 

2.         Agrees in principle to Sutton Living Limited acquiring individual properties in neighbouring local authority areas, provided the host authorities are notified prior to completion. 

 

26.

Exclusion of the Public and Press

The following motion should be moved, seconded and approved if the committee wishes to exclude the press and public to deal with reports revealing exempt information:

 

“That the public be excluded from the meeting for the following items of business on the grounds that they involve the likely disclosure of exempt information as defined in paragraph 3 of Schedule 12A of the Local Government Act 1972.”

 

Minutes:

RESOLVED: That the public be excluded from the meeting for the following items of business on the grounds that they involve the likely disclosure of exempt information as defined in paragraph 3 of Schedule 12A of the Local Government Act 1972

 

The Sub-Committee discussed the exempt papers whilst in private session.