Agenda item

Report of the Managing Director

The Leader of the Council introduced the report of the Managing Director (previously circulated) updating Cabinet on the progress against the agreed Capital Investment Fund and requesting that consideration be given to increasing the fund.

The submitted report stated that Council had previously approved the principle and establishment of 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 returns on investment; the established fund was being utilised and included Joint Ventures and economic regeneration initiatives; returns on joint ventures were anticipated to be over £4M; any use of the fund would be subject to a detailed report to Cabinet; and that the next use of the fund would likely be a new Joint Venture at Middleton St. George.

RESOLVED – It is recommended to Council that:-

(a)    the Capital Investment Fund be increased to £50m;

(b) repaid loans be recycled back into the Investment fund; and

(c)    the operation of the fund be delegated to Cabinet in line with previous Council approval.

REASONS – (a)  To allow the Council to take up opportunities to gain investment returns.

(b)  To allow the investment fund to be established and financed.

(c)  To enable Cabinet to consider detailed proposals many of which will be commercially sensitive.