Agenda item

Report of the Managing Director.

The Cabinet Members with the Resources Portfolio introduced the report of the Managing Director (previously circulated)updating Cabinet on progress against the agreed investments being funded through the Investment Fund.

The submitted report stated that an investment fund had been established for innovative investment opportunities beyond the traditional Treasury Management Strategy, in order to achieve greater returns; the fund was being used for joint venture vehicles and economic regeneration initiatives; returns on joint ventures were anticipated to be over £4M; the fund was currently being used on eight schemes; and outlined the impact of Covid-19.

RESOLVED - (a)  That the use of the Investment Fund and the returns achieved through the joint venture vehicles, as detailed in the submitted report, be noted.

(b)  That the change of Gross Profit margin acceptable for a development in the Darlington Borough Council / Esh Joint Venture, as noted in Appendix 1 of the submitted report, be approved.

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.