Agenda, decisions and minutes

To receive apologies for absence and notification of substitutions.

Apologies were received from Councillor Attewell and Councillor Howkins.

To confirm the minutes of the meeting held on 13 October 2025 as a correct record.

Minutes to follow.

The minutes of the meeting held on 13 October 2025 were agreed as a correct record.

The minutes of the meeting held on 13 October 2025 were agreed as a correct record.

To receive any disclosures of interest from councillors in accordance with the Council’s Code of Conduct for members.

Councillors Mooney and Sexton declared they were also Surrey County Councillors.

Councillor Nichols advised that he sat on the Board of Directors for Knowle Green Estates.

The Chair, or their nominee, to answer any questions raised by members of the public in accordance with Standing Order 40.

The Committee were advised that no questions had been received from members of the public.

The Committee were advised that no questions had been received from members of the public.

To consider the Forward Plan for committee business.

The Committee resolved to note the contents of the Forward Plan.

Resolved: That the Committee noted the contents of the Forward Plan.

Committee is asked to:

1.    Consider and agree the proposed new MRP Policy Statement for 2025/26; and

2.    Recommend that Council approve the proposed new MRP Policy Statement for 2025/26 (set out in Appendix A).

The Committee resolved to:

1.     Consider and agree the proposed new MRP Policy Statement for 2025/26; and

2.     Recommend that Council approve the proposed new MRP Policy Statement for 2025/26 as set out in Appendix A of the report.

The Committee considered a proposed new Minimum Revenue Provision (MRP) policy statement for 2025/26. The policy met requirements set by the Council’s external auditors, commissioners, and Department for Levelling Up, Housing and Communities (now Ministry for Housing, Communities and Local Government), and was a legal requirement under the current statutory directions.

The Committee acknowledged the requirement to adopt the new MRP policy statement, and expressed concern over the impact this would have on the Budget. The Committee noted the collective impact of the finance reports for consideration at the meeting.

Councillor Clarke requested a recorded vote.

The Committee resolved to:

1.    Consider and agree the proposed new MRP Policy Statement for 2025/26; and

2.    Recommend that Council approve the proposed new MRP Policy Statement for 2025/26 as set out in Appendix A of the report.

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.

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.

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.

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.

Committee is asked to:

1.    Consider and agree the principle of Asset Rationalisation as set out in this report and recommend this to Council;

2.    Approve the commencement of the procurement of a specialist adviser through an appropriate framework;

3.    Delegate authority to the S. 151 Officer and Group Head of Assets, in consultation with the Leader and the Deputy Leader, the Chair of the Commercial Assets Sub-Committee, and Chair of the Business, Infrastructure and Growth Committee, to appoint the preferred bidder from the above procurement to assist in the implementation of an Asset Rationalisation Strategy;

4.    Delegate authority to the Group Head of Corporate Governance to enter into a contract with the proposed advisors.

Appendix 1 contains exempt information within the meaning of Part 1 of Schedule 12A to the Local Government Act 1972, as amended by the Local Government (Access to Information) Act 1985 and by the Local Government (Access to Information) (Variation) Order 2006 Paragraph 3 – Information relating to the financial or business affairs of any particular person (including the authority holding that information) and in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information because, disclosure to the public would prejudice the financial position of the authority in any lease, contract or other type of negotiation with the tenant or developer, who could then know the position of the Council.

The Committee resolved to:

1.     Consider and agree the principle of Asset Rationalisation as set out in the report and to recommend this to Council,

2.     Approve the commencement of the procurement of a specialist advisor through an appropriate framework,

3.     Delegate authority to the Section 151 Officer and Group Head of Assets, in consultation with the Leader and the Deputy Leader, the Chairs of the Commercial Assets Sub-Committee and the Business, Infrastructure and Growth Committee, to appoint the preferred bidder from the above procurement to assist in the implementation of an Asset Rationalisation Strategy; and

4.     Delegate authority to the Group Head Corporate Governance to enter into a contract with the proposed advisors.

The Committee considered a report on the principle of Asset Rationalisation and procurement of a specialist advisor to assist in the implementation of an Asset Rationalisation Strategy. Agreeing the principle and procurement would be a first step in addressing one of the statutory directions issued to the Council by MHCLG. Asset Rationalisation would also offset the impact of implementing a new MRP policy and debt rescheduling.

The Committee noted the modelling set out in the report were assumptions and final figures would be impacted by a number of external factors. Any reports on specific assets would be brought before the Committee with the most up-to-date information available for decision. A member of the Committee suggested that dynamic modelling was required which would reflect all variables that impacted final asset values.

Councillor Clarke requested a recorded vote.

The Committee resolved to:

1.    Consider and agree the principle of Asset Rationalisation as set out in the report and to recommend this to Council,

2.    Approve the commencement of the procurement of a specialist advisor through an appropriate framework,

3.    Delegate authority to the Section 151 Officer and Group Head of Assets, in consultation with the Leader and the Deputy Leader, the Chairs of the Commercial Assets Sub-Committee and the Business, Infrastructure and Growth Committee, to appoint the preferred bidder from the above procurement to assist in the implementation of an Asset Rationalisation Strategy; and

4.    Delegate authority to the Group Head Corporate Governance to enter into a contract with the proposed advisors.

The Committee is asked to recommend to Council that it approves the:

1.    Reserves Strategy for 2026-27

2.    Repurposing of the earmarked Sinking Fund reserves as a revenue budget equalisation reserve.

The Committee resolved to:

1.     Recommend to Council that it is informed and assured by the Draft Reserves Strategy noting that the forward projected figures will change when a detailed Budget Report is brought to the Corporate Policy and Resources Committee in January 2026; and

2.     Acknowledge the proposed repurposing of the earmarked Sinking Fund reserves as a revenue budget equalisation reserve.

The Committee considered a draft Reserves Strategy and the proposed repurposing of the earmarked Sinking Fund reserves as a revenue budget equalisation reserve. There were a number of factors that would create budget gaps which would be eased with repurposing the reserves.

Councillor Clarke requested a recorded vote.

The Committee resolved to:

1.    Recommend to Council that it is informed and assured by the Draft Reserves Strategy noting that the forward projected figures will change when a detailed Budget Report is brought to the Corporate Policy and Resources Committee in January 2026; and

2.    Acknowledge the proposed repurposing of the earmarked Sinking Fund reserves as a revenue budget equalisation reserve.

Committee is asked to recommend that Council approve the:

1.    Draft Medium Term Financial Strategy

2.    Proposed Flexible Use of Capital Receipts Strategy

The Committee resolved to:

1.     Be informed and assured by the Draft Medium Term Financial Strategy set out in the report and that an updated strategy (reflecting the impact of actual debt discount and refinancing rates achieved, and the outcome of the Fair Funding Review), as part of a Detailed Budget Report will come to the Corporate Policy and Resources Committee in January 2026 for consideration and approval; and

2.     Approve the proposed Flexible Use of Capital Receipts Strategy.

It was proposed by Councillor Bateson, seconded by Councillor Beecher and resolved that the meeting continue until 22:30.

The Committee considered the draft Medium Term Financial Strategy and a proposed Flexible Use of Capital Receipts Strategy. The strategies would assist in mitigating the impact of the increased MRP. They would also mitigate the longer-term financial exposure of the Council and the successor unitary authority.

The Committee resolved to:

1.    Be informed and assured by the Draft Medium Term Financial Strategy set out in the report and that an updated strategy (reflecting the impact of actual debt discount and refinancing rates achieved, and the outcome of the Fair Funding Review), as part of a Detailed Budget Report will come to the Corporate Policy and Resources Committee in January 2026 for consideration and approval; and

2.    Approve the proposed Flexible Use of Capital Receipts Strategy.

Committee is asked to approve the Treasury Management outturn position for 2024/25.

The Committee resolved to approve the Treasury Management Outturn position for 2025/25.

The Committee considered the Treasury Management Annual Outturn Report for 2024/25. High-risk prudential indicators relating to affordability were highlighted to the Committee.

The Committee resolved to approve the Treasury Management Outturn position for 2025/25.

The Committee is asked to note the performance of the Treasury Management team during the first six months of 2025/26.

The Committee resolved to note the performance of the Treasury Management Team during the first six months of 2025/26.

The Committee considered the Treasury Management Half-Yearly Report. The report set out the performance of treasury activities between 1 April 2025 and 30 September 2025. The recommended action of implementing a new MRP Policy was approved by the Committee earlier on the agenda. All prudential indicators with the exception of those relating to affordability were on target.

The Committee resolved to note the performance of the Treasury Management Team during the first six months of 2025/26.

To note those urgent actions which have been taken by the Chief Executive in consultation with the Leader since the last Corporate Policy and Resources meeting on 13 October 2025.

The Committee were advised that no urgent actions had been taken since the last meeting.

The Committee were advised that no urgent actions had been taken since the last meeting.