Agenda item

Report of the Executive Director of Resources and Governance

The Cabinet Member with the Resources Portfolio introduced the report (previously circulated) of the Executive Director of Resources and Governance 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 returns on investment; the fund provision of £50m was being utilised as envisaged facilitating wide economic benefits as well as a direct impact on the Council’s financial position; the £50m fund had a commitment against it of £35.81m leaving a balance of £14.19m uncommitted; the Investment Fund had been used for 17 schemes to date, six of which had been recycled back into the fund; and that returns on JV’s were anticipated to be over £8.4m.

RESOLVED  - It is recommended that Cabinet note the use of the Investment Fund and the returns achieved through the Joint Venture vehicles

REASONS - The recommendation is supported by the following reasons:-

a)      To keep Cabinet informed of progress made on opportunities undertaken and investment returns.

b)      To increase development opportunities and income for the Council.