Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: Yes
To provide an update on the schemes and
projects agreed by Cabinet to be being funded from the £50m
The Cabinet Member with the Resources Portfolio introduced the report of the Group Director of Operations (previously circulated) updating Cabinet on progress against the agreed investments being funded through the Investment Fund.
The submitted report stated that in November 2016 the Council established an investment fund to be used for innovative investment opportunities beyond the traditional Treasury Management Strategy, in order to achieve greater returns, given the low return on investments.
It was reported that the fund provision of £50M was being utilised as envisaged to include Joint Venture (JV) vehicles and economic regeneration initiatives; the fund had been used for 14 schemes to date, five of which had been recycled back into the fund; the fund had a commitment against it of £33.48M, leaving a balance of £16.52M uncommitted; returns on joint ventures were anticipated to generate over £6M in pre-tax profit to assist the Medium Term Financial Plan; and that whilst the COVID-19 pandemic had had an impact on a couple of the joint venture schemes, in regard to timescales being pushed back, they were now back on track and sales were buoyant.
RESOLVED - That the use of the Investment Fund and the returns achieved through the joint venture vehicles, as detailed in the submitted report, be noted.
REASONS - (a) To keep Cabinet informed of progress made on opportunities undertaken and investment returns.
(b) To increase development opportunities and ultimately income for the Council.
Report author: Gail Banyard
Publication date: 09/09/2022
Date of decision: 06/09/2022
Decided at meeting: 06/09/2022 - Cabinet
Effective from: 17/09/2022