The Cabinet Member with the Efficiency and 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 the Council had 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; returns on current joint ventures was anticipated to be over £4M; and that the fund was currently being used on eight schemes.
Particular reference was made at the meeting to the number of stall holders that were leaving the indoor market and the resultant vacant stalls. The Cabinet Member with the Efficiency and Resources Portfolio responded thereon.
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 - To keep Cabinet informed of progress made on opportunities undertaken and investment returns.