To consider the recommendations of the Cabinet and a report regarding the direction for TorVista Homes, a wholly owned company of Council.

The Council considered the recommendations of the Cabinet (as set out in the submitted report) on the funding elements of TorVista Homes in light of the accrued loan debt and on-going operational costs underwritten by the Council.

Councillor Tyerman proposed and Councillor David Thomas seconded a motion, which was agreed by the Council as set out below:

1.         that the Director of Finance be instructed to write off the ‘working capital’ loan of £1.5m, accrued by TorVista as at September 2023, to be funded through a strategic review of Council Reserves;

2.         that Council Minute 67(v) of 20 July 2017 be rescinded, thereby removing any approval of prudential borrowing to facilitate further schemes by TorVista; and

3.         that the Council approve revenue funding of £115,000 for maintaining TorVista operations for the six-month period from October 2023 to March 2024.

To consider a report that recommends the direction for TorVista Homes a wholly owned company of Council.