13 STRATEGIC INVESTMENT BOARD ANNUAL REPORT - FINANCIAL YEAR 2022/23 PDF 172 KB
Additional documents:
Decision:
RESOLVED:
1. That Cabinet endorses the Annual Report of the Strategic Investment Board.
Reasons for Decisions:
(The decisions on this item can be called in by the Resources and Performance Select Committee)
Minutes:
The annual report was introduced by the Leader who explained the role of the Strategic Investment Board in overseeing the council’s investments and performance of the council’s trading companies. Investment return was expected to remain between 2-2.5% of the councils net revenue budget over the next 5 years with reserves to manage any fluctuations. The Leader explained that changes to the Public Works Loan Board lending rules had prevented Councils taking on additional borrowing to invest purely for commercial gain and that the council had not made any such investments since 2018. The asset holdings of the council were regularly reviewed by the Board. The Leader gave an update on the performance of each trading company stating that each was performing well with no financial challenges.
RESOLVED:
Reasons for Decisions:
(The decisions on this item can be called in by the Resources and Performance Select Committee)