Issue - decisions

At its meeting of 10 October 2024, Executive considered a report from the Leader relating to the granting of borrowing powers for the York and North Yorkshire Combined Authority.

Council agreed to: i) To delegate authority to the Chief Operating Officer to agree to the unconditional granting of consent for the laying of Regulations granting borrowing powers to the York and North Yorkshire Combined Authority. Full details can be found here.

The Council has now been asked to provide its formal consent to the laying of the borrowing powers Order in Parliament, requiring a decision by the Chief Operating Officer under approval i) above.

The Chief Operating Officer has considered the request submitted by the Department for Housing, Communities, and Local Government together with the draft Order, and has concluded that it is appropriate to exercise his delegated authority. The Chief Operating Officer has also, through the Monitoring Officer, consulted with the Leader of the Council in relation to the exercise of his delegated authority, and approval to the use of such delegated authority has been given by the Leader.

As a consequence, the Chief Operating Officer has decided to exercise his delegated authority and to consent to the laying of the borrowing powers Order before Parliament.

Level of Risk: A failure to consent to the laying of the borrowing powers Order before Parliament would result in the consequent loss of ability for the York and North Yorkshire Combined Authority to deliver significant additional regional funding and opportunities, leading to a substantial loss of opportunity for both York and North Yorkshire Councils. Conversely, consenting to the laying of the borrowing powers Order before Parliament does not give rise to any material risk to the City of York Council.

Comments/Observations: The options available present a simple choice for the Chief Operating Officer: to consent to the laying of the borrowing powers Order before Parliament, thereby allowing the York and North Yorkshire Combined Authority to borrow for the purposes of the delivery of its aims and objectives; or to not consent to the laying of the borrowing powers Order before Parliament, thereby preventing the York and North Yorkshire Combined Authority from delivering upon those aims and objectives. Given the potential investment opportunities which will flow from the exercise of the Combined Authority’s borrowing powers, there is no reason for the Chief Operating Officer to not exercise his delegated authority.

Decision: In light of the above, the Chief Operating Officer has decided to exercise his delegated authority to consent to the laying of the borrowing powers Order before Parliament.