Agendas, Meetings and Minutes - Agenda and minutes

Agenda and minutes

Venue: County Hall, Worcester

Contact: Simon Lewis  Committee Officer

Items
No. Item

92.

Apologies and Named Substitutes (Agenda item 1)

Minutes:

Apologies were received from Dr C Hotham and Mr L C R Mallett.

93.

Declarations of Interest (Agenda item 2)

Minutes:

None.

94.

Public Participation (Agenda item 3)

Members of the public wishing to take part should notify the Head of Legal and Democratic Services in writing or by email indicating the nature and content of their proposed participation no later than 9.00am on the working day before the meeting (in this case 13 July 2017). Further details are available on the Council's website. Enquiries can be made through the telephone number/e-mail below.

Minutes:

None.

95.

Confirmation of Minutes (Agenda item 4)

To confirm the Minutes of the meeting held on 24 March 2017. (previously circulated – pink pages)

Minutes:

RESOLVED that the Minutes of the meeting held on 24 March 2017 be confirmed as a correct record and signed by the Chairman.

96.

Actual construction period cash flow test (Agenda item 5) pdf icon PDF 91 KB

Additional documents:

Minutes:

The Committee considered the result of the actual construction period cash flow test.

 

In the ensuing debate, the following principal points were raised:

 

·         In response to a query, Mark Forrester, Finance Manager – Pensions, Treasury Management and Capital confirmed that the EfW plant was running as expected and Mercia Waste were awaiting the Test Certificate to be issued by 31 July 2017

·         Did the success of the plant in handling waste have an impact on financial returns? Mark Forrester responded that this was a matter that was not related to the loan and was therefore outside the remit of this Committee 

·         In response to a query, Mark Forrester confirmed that the interest rate on the loans to Mercia Waste had been fixed in May 2014. The Council borrowed from PWLB to match the dates of the drawdown request deadlines over the construction period. PWLB borrowing rates had fallen since May 2014, which was a benefit to the Council. 

 

RESOLVED that:

 

a)    The result Actual Construction Period Cash Flow Test be accepted; and

 

b)    There were no matters of concern to report to the Council.

97.

Risk Register (Agenda item 6) pdf icon PDF 90 KB

Additional documents:

Minutes:

The Committee considered the Risk Register.

 

In the ensuing debate, Mark Forrester explained that the Council had a contractual relationship with Herefordshire Council regarding the loan arrangements for the EfW. Herefordshire had their own reporting mechanisms similar to this Council.

 

RESOLVED that:

 

a)    The open and closed risks set out in the Risk Register be accepted: and

 

b)    There were no matters of concern to report to Council.

98.

Waivers/ consents (Agenda item 7) pdf icon PDF 72 KB

Minutes:

The Committee considered the waivers/consents granted during the period under review.

 

Mark Forrester indicated that there were no waivers/consents requested by the sponsors or approved by the Councils for the period under review.

 

RESOLVED that the waivers/consents granted during the period under review be noted.