(a)          Decision(s)

            That Council be recommended to:-

(1)  Approve the proposed Commercial Property Strategy described in the Cabinet report, including a capital fund of £100m to be met from borrowing from the Public Works Loans Board, and a revenue budget of £100k from the New Homes Bonus (NHB) Fund, both to be reimbursed, together with the objectives, investment criteria and governance arrangements as set out in Appendix 2 of the Cabinet report (contained in the confidential section of the Cabinet agenda).

(2)  Approve the necessary changes required to the current approved  and operational borrowing limits as set out in the Treasury Management Strategy, in order to accommodate the increased prudential borrowing requirement as set out in the Cabinet report.

(3)  Authorise the Chief Executive in conjunction with the Director with responsibility for finance, and after consultation with a Panel comprising the Leader and Deputy Leader of the Council, the Cabinet Member for Finance, Compliance and Resources and one Member to be nominated by the opposition groups represented on the Council, to approve expenditure within the overall limit of the Strategy, subject to them being satisfied with the business case and risk assessment.

(4)  Require the officers to bring annual reports to Cabinet, the Finance and Resources Scrutiny Committee and Council on the progress of the Strategy and also to provide whatever information might appropriately be included in the Quarterly Financial Digest.

 (b)      Reason(s) for Decision(s)

The Strategy has been developed to support the Council’s commercial agenda to generate new income streams to help offset the significant cuts in Government funding and to finance the continued delivery of and investment in services to the local community.

(c)        Alternative Options Considered

Not to introduce such a strategy.  However this would not accord with the Council’s aim to operate in a commercial manner (subject to the checks and balances referred to in the Cabinet report) and continue to deliver high quality services to the community.

(d)       Relevant Scrutiny Committee

This matter is the subject of a report to full Council and as such is not subject to call-in.  The issue was however considered by the Finance and Services Scrutiny Committee on 5 September when a presentation on the aims and objectives was given.  All Members of the Council were invited to hear the presentation.

The Chairman of the Scrutiny Committee attended Cabinet and elaborated upon his Committee’s deliberations.  The Committee had undertaken a robust examination of the proposal and the Chairman gave a summary of the questions asked by Committee Members.  Overall however, the Committee was fully supportive of the proposal and commended its adoption.

(e)        Conflicts of Interest / Dispensation(s)

None.