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. The fund provision of £50m had a commitment against it of £37.64m leaving a balance of £12.36m uncommitted; returns on joint ventures were anticipated to generate over £6M in profit to assist the Medium Term Financial Plan; the fund was currently being used on seven schemes; and 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.