Decision details

Paragraph 3 of Part 1 of Schedule 12A of the Local Government Act 1972).

Mr Steve Thompson, Director of Resourcesprovided an update on the financial performance of the Wholly-Owned Companies as at Month 10. He advised that he sought authority to provide a letter of comfort to relevant Council companies and their External Auditor.

Shareholder Committee decision:

That the Director of Resources be authorised to provide a letter of comfort to all Council owned companies and their External Auditor to state that Blackpool Council will provide continuing financial support as required in line with the company’s requirements to meet its financial obligations as and when they fall including any intercompany loan facilities thereby enabling the companies to continue to operate on a going concern basis.

Reason for decision:

To ensure financial performance of the Council’s wholly-owned companies is kept under timely review by members.

Other options considered:

The Shareholder Committee could determine not to authorise the Director of Resources to provide a letter of comfort, however, considered this would not be an appropriate action to take at this time.

Date of decision:

26 March 2024.