Issue - meetings

The Cabinet considered a report of the Director of Corporate Resources which detailed the Council’s intended approach to its future asset investments, utilising the Corporate Asset Investment Fund. A copy of the report marked ‘6’ is filed with these minutes.

Members noted the comments of the Scrutiny Commission, a copy of which is filed with these minutes.

RESOLVED:

(a)       That the comments of the Scrutiny Commission be noted;

(b)       That the Corporate Asset Investment Fund Strategy as attached at Appendix A to the report be approved;

(c)        That the investment acquisitions and development projects detailed in paragraphs 28 to 42 of the report be approved;

(d)       That the proposed amendments to the delegations to the Director of Corporate Resources as set out in Appendix B to the report be approved;

(e)       That the Cabinet receives an Annual Report on performance of the Corporate Asset Investment Fund.

(KEY DECISION)

REASONS FOR DECISION:

The Corporate Asset Investment Fund is increased to enhance the Authority’s financial resilience and deliver other benefits, such as economic development.  Given the level of investment now proposed it is necessary to have a detailed Strategy in place to govern the approach taken in respect of future investments and the development of these utilising the CAIF.

Property transactions are often time sensitive, so seeking the Cabinet’s approval of each transaction is not always practicable.  Delegating authority to the Director of Corporate Resources, following consultation with the Board, to agree any future investments utilising the CAIF will ensure that the Council can take advantage of investment opportunities as they arise.