RESOLVED:
That;
1. progressing the Investment Strategy, including arrangements to enable significant growth in the portfolio to reach an income target of £10m per annum by 2020/21 be approved;
2. a revision to the governance arrangements be authorised and authority be delegated by the Leader to the Investment Advisory Board to approve property investment acquisitions, property investment management expenditure, property investment disposals and the provision of finance to its wholly owned property company, Halsey Garton Property Ltd;
3. the name of the board is amended to reflect this delegation and it will be known as the “Investment Board” be approved; and
4. that a property investment advisor be procured by Surrey County Council to provide the necessary skills and level of support required to expand the investment portfolio noting that any upfront expenditure will be drawn from the Revolving Investment & Infrastructure Fund and that the procurement will be undertaken in two stages in line with the growth in the portfolio.
Reasons for Decisions
The proposed arrangements will support the Council to continue to grow its portfolio and increase the level of income received from investments thereby enhancing its financial resilience over the longer term.
The provision of a substantial ongoing and resilient source of income to provide financial support to the Council’s front line services is becoming increasingly important. 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 may be called in by the Council Overview Board]