Decision details

(Cabinet Members with Special Responsibility Councillors Hanson & Whitehead)

Cabinet received a report from the Interim Financial Services Manager to consider the Property Investment Strategy and refer to full Council, if appropriate.

The options, options analysis, including risk assessment and officer preferred option, were set out in the report as follows:

Option 1 is the officer preferred option as the development of a robust Property Investment Strategy is the next logical step following the agreement by Cabinet to the principles of the Funding the Future Financial Resilience Strategy. Cabinet is asked to consider the paper attached to the report and refer to full Council for approval.

Councillor Whitehead proposed, seconded by Councillor Hanson:-

“That the recommendation, as set out in the report, be approved.”

Councillors then voted:-

Resolved unanimously:

(1)          That the draft Council report as set out in Appendix 1 to the report be referred to full Council for approval.

Officer responsible for effecting the decision:

Interim Financial Services Manager

Reasons for making the decision:

Cabinet approved the principles of the Property Investment Strategy in December 2018.  The Property Investment Strategy has been developed to reflect the aspiration in Funding the Future and Medium Term Financial Strategy to seek a return from commercial property investments in order to contribute to the revenue budget and protect service provision.