Issue - meetings

To review the annual report of Knowle Green Estate Ltd.

The committee received a presentation from KGE’s board of directors.

There was a need to deliver a substantial amount of housing due to the number of people on the Council’s waiting list.  It had however not been possible for KGE to do this because of committee decisions to refuse developments such as Benwell House (phase two).  There was an ongoing significant impact on the Council’s and KGE’s finances due to recent committee decisions to change the design specification of some schemes.  Committee reticence in decision making was also creating a need for the Council to service debts for longer periods of time.

KGE’s recent request for financial support from the Council was discussed.  As a relatively young company, KGE had not had time to accumulate significant levels of reserves.  It had therefore been necessary to request interim funding from the  Council, as its sole shareholder.

The annual report was noted.