Issue - meetings
Debt Rescheduling Proposals 2025/26
Meeting: 17/11/2025 - Council (Item 113)
113 Debt Rescheduling proposals 2025/26 
PDF 183 KB
This is a draft report as it is to be considered by the Corporate Policy and Resources Committee on 11 November so may be subject to amendments.
Additional documents:
Minutes:
Council considered a report that sought approval of the Debt Rescheduling Proposal for implementation during 2025/26 subject to the Chairs of the Business, Infrastructure and Growth Committee, the Commercial Assets Sub-Committee and the Corporate Policy and Resources Committee being consulted and approving before a re-financing transaction is initiated if PWLB rates movements result in the discount benefit to the Council falling below £320m.
Council considered the following amended motion proposed by Councillor Boughtflower and seconded by Councillor Lee:
That the Council commissions further independent external advice from no fewer than two suitably qualified experts or specialist firms with demonstrable expertise in Local Government debt management. Such experts shall be appointed following approval by a cross-party member panel. The appointed advisors shall report back to the Council in early 2026 with a comprehensive set of options and recommendations to enable the Council to determine the most appropriate and sustainable approach going forward subject to Budget setting provision in consultation with the Council’s Section 151 Officer.
Councillor Boughtflower requested a recorded vote.
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For |
Councillors Attewell, Bhadye, Bing Dong, Boughtflower, Brennan, Buck, Chandler, Clarke, Howkins, Islam, Lee, Matthur, Mooney, Saliagopoulos, Weerasinghe, Woodward – 16 votes |
|
Against |
Councillors J Doran, Dunn, Barker, Bateson, Beatty, Beecher, Boparai, Burrell, Button, Caplin, S Doran, Geraci, Gibson, Grant, Gyawali, Nichols, Rutherford, Turner, Williams – 19 Votes |
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Abstain |
0 Votes |
The amended motion FELL
Council considered the main motion.
Councillor Boughtflower requested recorded vote.
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For |
Councillors J Doran, Dunn, Barker, Bateson, Beatty, Beecher, Boparai, Burrell, Button, Caplin, S Doran, Geraci, Gibson, Grant, Gyawali, Nichols, Rutherford, Turner, Woodward – 19 votes |
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Against |
Councillor Attewell, Bhadye, Bing Dong, Boughtflower, Brennan, Buck, Chandler, Clarke, Howkins, Islam, Lee, Mathur, Mooney, Saliagopoulos, Weerasinghe, Woodward – 16 votes |
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Abstain |
0 votes |
Council resolved to approve the debt rescheduling proposal for implementation during 2025/26 subject to the Chairs of the Business, Infrastructure and Growth Committee, the Commercial Assets Sub-Committee and the Corporate Policy and Resources Committee being consulted and approving before a re-financing transaction is initiated if PWLB rates movements result in the discount benefit to the Council falling below £320m.
Meeting: 11/11/2025 - Corporate Policy and Resources Committee (Item 109)
109 Debt Rescheduling proposals 2025/26 PDF 782 KB
Committee is asked to:
1. Consider and agree the proposed new Debt Rescheduling proposal for implementation during 2025/26; and
2. Recommend that Council approve the Debt Rescheduling proposal for implementation during 2025/26.
Additional documents:
Decision:
The Committee resolved to:
1. Consider and agree the proposed new Debt Rescheduling proposal for implementation during 2025/26 subject to the Chairs of the Business Infrastructure and Growth Committee, the Commercial Assets sub-Committee and the Corporate Policy and Resources Committee being consulted and approving before a re-financing transaction is initiated if PWLB rates movements result in the discount benefit to the Council falling below £320m; and
2. Recommend that Council approve the Debt Rescheduling proposal for implementation during 2025/26 subject to the Chairs of the Business Infrastructure and Growth Committee, the Commercial Assets sub-Committee and the Corporate Policy and Resources Committee being consulted and approving before a re-financing transaction is initiated if PWLB rates movements result in the discount benefit to the Council falling below £320m.
Minutes:
The Committee considered a Debt Rescheduling proposal for implementation during 2025/26. The debt rescheduling would partially offset the impact of implementing a revised Minimum Revenue Provision policy and would assist in reducing the Council’s outstanding debt. It would also reduce the Council’s debt levels to broadly match the value of its assets.
The Committee noted that though the Council would receive a discount for the debt rescheduling, there would still be significant outstanding debt to be offset through asset rationalisation. There were a number of external factors, such as interest (gilts) rates, that would impact the debt rescheduling.
Councillor Clarke requested a recorded vote.
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For |
Councillors Bateson, Beecher, Button, Doran, Geach, Gibson, Grant, Nichols, Sexton, Williams – 10 votes |
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Against |
Clarke – 1 vote |
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Abstain |
Boughtflower, Lee, Mooney – 3 votes |
The Committee resolved to:
1. Consider and agree the proposed new Debt Rescheduling proposal for implementation during 2025/26 subject to the Chairs of the Business Infrastructure and Growth Committee, the Commercial Assets sub-Committee and the Corporate Policy and Resources Committee being consulted and approving before a re-financing transaction is initiated if PWLB rates movements result in the discount benefit to the Council falling below £320m; and
2. Recommend that Council approve the Debt Rescheduling proposal for implementation during 2025/26 subject to the Chairs of the Business Infrastructure and Growth Committee, the Commercial Assets sub-Committee and the Corporate Policy and Resources Committee being consulted and approving before a re-financing transaction is initiated if PWLB rates movements result in the discount benefit to the Council falling below £320m.