Issue - meetings

1.         The Investment Strategy including the proposed process that will determine which investment opportunities come forward for decision by Cabinet be approved.

2.         The governance arrangements be approved and an Investment Advisory Board be established comprising four Cabinet Members supported by appropriate officers (including the Monitoring Officer and the Chief Finance Officer) who will consider individual investment opportunities and provide advice to Cabinet on investment decisions.

3.         The commencement of the procurement process for the appointment of an Investment Advisor or Advisors to provide advice to the Council be approved, with contract award being approved in line with the standard process.

4.         The development by the Strategic Director for Business Services of a full business case for the establishment of a Property Investment Company to be wholly owned by the County Council be approved for consideration at a future Cabinet meeting.

Reason for decisions

The Investment Strategy will provide a framework for investing in innovative solutions and opportunities that enable the council to maintain its financial resilience and increase income whilst providing effective services.

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

The Council is committed to the importance of innovation in the delivery of services in the interests of Surrey residents and businesses. The Investment Strategy would support the development of a portfolio of investments, covering investment in property and assets and in new models for service delivery. This would generate additional income to enhance financial resilience in the longer term and be used to support the council’s functions and the delivery of services. In addition these arrangements would also allow for investment in schemes that would support economic growth in Surrey in accordance with the Investment Strategy.

The Cabinet noted the steps already taken to enhance income and change ways of working. The use of shared premises with other authorities had already created savings of £3.5m and it was important to ensure that every asset was similarly fully utilised. An Investment Advisory Board would advise Cabinet on implementation of the Investment Strategy and, subject to consideration of a full business case, a Property Investment Company could be established following future consideration by the Cabinet.

RESOLVED that:

1.         The Investment Strategy including the proposed process that will determine which investment opportunities come forward for decision by Cabinet be approved.

2.         The governance arrangements be approved and an Investment Advisory Board be established comprising four Cabinet Members supported by appropriate officers (including the Monitoring Officer and the Chief Finance Officer) who will consider individual investment opportunities and provide advice to Cabinet on investment decisions.

3.         The commencement of the procurement process for the appointment of an Investment Advisor or Advisors to provide advice to the Council be approved, with contract award being approved in line with the standard process.

4.         A full business case for the establishment of a Property Investment Company to be wholly owned by the County Council be developed by the Strategic Director for Business Services and be presented for consideration at a future Cabinet meeting.

Reason for decisions

The Investment Strategy will provide a framework for investing in innovative solutions and opportunities that enable the council to maintain its financial resilience and increase income whilst providing effective services.