Cabinet resolved to:
(i) Approve the updated Investment and Acquisition Strategy 2022-27 at Appendix A to the report;
(ii) Agree the removal of Lease and Lease back asset class from the IAS and to the removal of external, inflation linked financing arrangements for IAS schemes, as outlined in section 1.15 of this report;
(iii) Note that the IAS forecast for 2022/23 was a surplus of £6.17m, which was £0.76m below its target of £6.92m;
(iv) Note that the IAS forecast for 2022/23 to 2026/27 was £30.38m, which was £4.23m below its target of £34.61m;
(v) Note the governance and controls in place to manage the IAS;
(vi) Note that gross and net developments costs increased by £100m between Gateway 2 and Gateway 4 and the impact on the IAS viability;
(vii) Note the amendments that have been made to the IAS assumptions as outlined in paragraphs 3.2 - 3.6 of the report, and their implications;
(viii) Note the requirement for commercial loans and commercial income to support the IAS, especially over the short-term; and
(ix) Note the impact of leverage on the IAS, as outlined in section 7 of the report.