Issue - meetings

To consider a report of the Executive Councillor (Education)

The Local Authority (LA) provides a Prudential Borrowing Scheme to all LA maintained schools to support schools which are seeking to borrow funds from the council to acquire capital assets. The report sets out a request from Werneth High School to use the Scheme to borrow funds of £0.350m to acquire capital assets.

The Executive

·         notes the details of the Werneth High School prudential borrowing request;

·         approves the recommendation to support the school application and provide £0.350m of funds to be repaid over a seven year period.

Officer contact: Peter Hughes, 0161 474 3947, peter.hughes@stockport.gov.uk

The Executive Councillor (Education) submitted a report (copies of which had been circulated) inviting the Executive to consider a request from Werneth High School to borrow £0.350m through the schools Prudential Borrowing Scheme to fund costs associated with its rebuilding and refurbishment programme.

The Executive Councillor confirmed that the agreement with the school would ensure that in the event of it becoming an academy, it would retain liability for any outstanding borrowing debt.

RESOLVED – That the Werneth High School prudential borrowing request be noted and approval be given to provide £0.350m of funds to be repaid over a seven year period.

To consider a report of the Corporate Director for People.

The report provides an update to the Scrutiny Committee on a proposal to seek approval form the Executive on the recommendation to provide Werneth High School with funds of £0.350m to acquire capital assets via the LA Prudential Borrowing Scheme.

The Scrutiny Committee are requested to consider and comment on the report.

Officer Contact: Peter Hughes on Tel: 474 3947 or email: peter.hughes@stockport.gov.uk

A representative of the Corporate Director, Services to People submitted a report (copies of which had been circulated) requesting the Scrutiny Committee to comment on a proposal that would be presented to the Executive to provide Werneth High School with funds of £0.350m to acquire capital assets financed via the Local Authority’s Prudential Borrowing Scheme.

RESOLVED – That the Executive be informed that the Scrutiny Committee supports the proposals detailed in the report.