Agenda and minutes

Councillor Sam Gardiner (work commitments)

Councillor Audra Wynter (Other Council business)

Councillor Sajid Mohammed (Unwell)

In the absence of the Chair, the Vice-Chair assumed the position of Chair for the meeting.

None

Last meeting held on 20 December 2021 (for confirmation)

The minutes of the meeting held on the 20 December 2021 were agreed as a true record.

Report of Corporate Director of Finance and Resources

Thomas Straw, Senior Accountant (Capital Programmes) presented the report and gave an update on the Bridge Estate budget position presented to the Committee on 20 December 2021 and the current reserve forecast. The following points were highlighted:

a)  The Bridge Estate is forecasting an in year surplus of £1.1m after the annual commitment to repay £0.2m of Lister Gate debt.

b)  It is proposed that the surplus be split into two with £1.0m Grant to be paid to Nottingham City Council in line with Charitable objectives and £0.1m set aside for identified property repairs.

c)  An exercise is due to be carried out to set up a mechanism that allows an element of the Bridge Estate surplus to be set aside within its reserves. This is a change in policy which means a reduction in grant paid to the Council.

Resolved to:

1)  approve the financial forecast, including a reduction in grant to the Council by £0.2m as noted at December 2021 meeting.

2)  note the £0.1m Bridge Estate forecast surplus, to be set aside to carry out the capital works as identified in the exempt property appendix.

3)  delegate authority to the Chair, Vice Chair and Opposition member to approve any significant variation in the actual Bridge outturn position, with all other committee members being notified at the earliest opportunity.

Report of Director of Economic Development and Property

Bevis Mackie, Principal Surveyor, presented the report which detailed the key property events that had taken place or are proposed for the Bridge Estate Charity since the date of the last meeting in December 2021. A more detailed financial update was given during exempt item 9.

Resolved to note the update.

To consider excluding the public from the meeting during consideration of the remaining item(s) in accordance with Section 100A(4) of the Local Government Act 1972 on the basis that, having regard to all the circumstances, the public interest in maintaining the exemption outweighs the public interest in disclosing the information

The Committee agreed to exclude the public from the meeting during consideration of the remaining items in accordance with Section 100A(4) of the Local Government Act 1972 on the basis that having regard to all the circumstances, the public interest in maintaining the exemption outweighed the public interest in disclosing the information, as defined in Paragraphs 3 and 5 of Part 1 of Schedule 12A to the Act.

Report of Director of Sport and Culture

Resolved to agree the recommendations as set out in the exempt report.

Last meeting held on 20 December 2021 (for confirmation)

The Committee agreed the exempt minutes of the meeting held on the 20 December 2021 and they were signed by the Chair.

Further to Item 5, minute 33 above, Bevis Mackie, Principal Surveyor, gave a more detailed update in respect of the property portfolio, including the condition of the properties, potential new/re-geared leases, financial details and the latest rent arrears position.

Resolved to note the exempt update.