Decision details

PWLB £25m Loan Early Repayment

Decision Maker: Assistant Director Finance & S151 Officer

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Purpose:

To seek agreement under delegated powers to repay the loan early to take advantage of early repayment discount

 

Decision:

Resolved

 

That, in accordance with the Constitution Part 19 (4.1.16) in exercising the delegation afforded to him and in consultation with the Portfolio Holder for Finance, Property and Regeneration the S151 Officer agrees to:

 

(1)          Arrange the early repayment of the £25m PWLB loan to take advantage of the discount premium available.

 

(2)          Arrange replacement financing in line with the council’s current borrowing strategy.

 

(3)          Recommend to the Executive to transfer the annual amortised discount for 2025/26 and 2026/27 to reserves.

Reasons for the decision:

Early repayment would benefit the council by reducing the total external loan balance. The delegation to take the decision is in accordance with the Constitution under the powers afforded to the Chief Finance Officer of the council.

 

Alternative options considered:

Not to agree the early repayment. This is not recommended as early repayment will benefit the council by reducing the total external loan balance.

Interests and Nature of Interests Declared:

None

Corporate Priorities : Economic prosperity;

Reason No Public Access: No

Declarations: None

Subject to Urgent Proceedings: No

Making Representations: None

Contact: Joanne Kaye, Head of Finance and Deputy Section 151 Officer Email: joanne.kaye@cherwell-dc.gov.uk Tel: 01295 221545.

Publication date: 15/04/2025

Date of decision: 14/04/2025

Accompanying Documents: