Decision details

Significant work is underway to deliver a new leisure centre, housing and public open space at Princes Parade in Hythe.  This report gives an update on key matters since decisions were made in early 2022.  It also concludes that in response to significant recent changes in the leisure, energy and financial markets giving rise to a high degree of cost pressures and uncertainty across the economy, the council is unable to deliver the project within existing budget.

DECISION:

1.          To receive and note Report C/22/56.

2.          To pause current spending on the project.

3.          To agree that officers re-evaluate available options in light of the current economic climate and propose a way forward.

Reasons for decision:

The Leader is asked to consider urgently the matters raised in the report because the changing and extremely challenging economic climate through 2022 has resulted in additional cost pressures and elevated risk to the council at a time of significant pressure on the council’s MTFS.