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 were 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. 

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

The Cabinet Lead for People introduced this report that provided details of the investment property portfolio that formed part of the agreed governance arrangements. He explained that it was an important part of the Council’s strategy to become financially independent.  Whilst the percentage returns did not look too high this was in part due to the borrowing needed to fund the investments.  However, capital gains would be realised in the future.

In response to a Member question regarding the level of expertise of the Investment Board and assessment of risk both the Leader and the Cabinet Lead for People described the level of experience of some of the members of the Board and that the level of challenge was high.  An external advisor, CBRE, set criteria on which each were assessed, scored and challenged.

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 were 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. 

At this point in the meeting it was agreed to rearrange agenda items so that the Monthly Budget Monitoring Report was taken as the last of the Part 1 items.