Decision - Royal Pavilion and Museums Service - financial update and service plans

RESOLVED:

(1)          That the transfer of the RPM to RPMT on 1st October, subject to agreement between the council and the Trustees on the recovery package outlined in this report be noted;

(2)          That delegated authority be granted to the Executive Director Economy, Environment & Culture and the Executive Lead Officer Strategy Governance, & Law to offer RPMT a recovery package and agree the terms of legal agreement necessary to implement the measures outlined;

(3)          That delegated authority be granted to the Executive Director, Environment & Culture and the Chief Finance Officer to determine the repayment terms of the proposed cashflow facility, if drawn down, up to a maximum period of 10 years;

(4)          That the delegation at (3) above shall be subject to the requirement to consult Group Leaders prior to agreeing any measures which are not outlined in the report;

(5)          That if RPMT and council officers are unable to reach agreement on a recovery package to enable transfer on 1st October, a further report would be brought to the committee;

(6)          That it be noted that the financial model of RPMT will be reviewed annually at the beginning of each year. The financial position will be kept under continuous review by the Council and the Trust during the Covid-19 recovery period.