Issue - meetings

RESOLVED:

That the Annual Report of the Investment Board be endorsed.

Reason for Decision:

To inform the Cabinet about the activities of the Investment Board.  The Investment Board are responsible for the delivery of the agreed Investment Strategy.  The Investment Strategy was created by the Council to deliver an ongoing and resilient source of income to provide financial support to the Council’s front line services.  Investments undertaken as a result of the strategy agreed in 2013 are successfully delivering a net income stream to the council.  

[The decisions on this item can be called in by the Overview and Budget Select Committee]

The Investment Strategy agreed by Cabinet in July 2013 was developed in response to the requirement for the Council to enhance its financial resilience in the longer term.  In facilitation of this strategy, Cabinet approved the business case for the creation of a property company and associated subsidiaries in May 2014 in order to achieve a balanced property portfolio (across sectors and geographies) to generate an income for the Council.  The property company, Halsey Garton Property Ltd, and its subsidiaries are referred to in this report as “the Halsey Garton Property Group” (HGP).

The Investment Board was created in March 2017 to approve property investment acquisitions, property investment management expenditure, property investment disposals and the provision of finance to HGP for the purposes of the strategy.  Prior to this an Investment Advisory Board was in place to make recommendations for Cabinet decision.  The annual report details the investment property portfolio and forms part of the changed governance arrangements. A further report providing more detailed portfolio information was provided as a part 2 confidential annex (agenda item 19).

RESOLVED:

That the Annual Report of the Investment Board be endorsed.

Reason for Decision:

To inform the Cabinet about the activities of the Investment Board.  The Investment Board are responsible for the delivery of the agreed Investment Strategy.  The Investment Strategy was created by the council to deliver an ongoing and resilient source of income to provide financial support to the council’s front line services.  Investments undertaken as a result of the strategy agreed in 2013 are successfully delivering a net income stream to the council.