Agenda item 4 - minutes of Overview and Scrutiny Sub-Committee, 30 July 2019
Last updated 30 July 2019
OSSC.01 Apologies for absence
OSSC.02 Appointment of substitutes
OSSC.03 Declaration of interests by members
OSSC.04 Exempt information
OSSC.05 Capital Portfolio Fund - development plan proposal
Wyre Forest House,
Tuesday 30 July 2019 (6pm)
Councillors: M J Hart (Chairman), N J Desmond, C E E Edginton-White, S Griffiths and A Totty
Councillor S Miah
There were no apologies for absence.
No substitutes were appointed.
No declaratoins were made.
Decision: Under Section 100A(4) of the Local Government Act, 1972 the press and public be excluded from the meeting during the consideration of the following items of business on the grounds that they involve the likely disclosure of “Exempt Information” as defined in paragraphs 2, 6 and 7 of Part I of Schedule 12A of the Act.
The Sub-Committee considered a confidential report which set out a business case to support a development funding proposal from the Capital Portfolio Fund.
The Corporate Director: Economic Prosperity & Place presented the report. He gave a comprehensive and thorough explanation of the proposed scheme and the consideration of key matters consistent with the Council’s Capital Strategy and the Government Statutory Guidelines for Local Authority Investments. He said that the Council had used the fund to acquire properties that would assist the delivery of its economic objectives and to fund development of its own assets.
The Financial Services Manager gave an explanation of the financial implications of the scheme. She explained that the current unallocated balance of the £25m Capital Portfolio Fund was £7.4m.
Councillor S Miah left the meeting at this point. (6.32pm).
The Corporate Director: Resources highlighted the risk analysis as set out in the report. She explained that whilst the authority could not mitigate against all risks associated with the investment opportunities, Offcers were very prudent with the financial planning of the business cases.
The Committee fully scrutinised the report and were assured that all due diligence had been undertaken. Members agreed that the scheme would further diversify the Council’s property portfolio. The proposal was moved and seconded and upon a show of hands the vote was carried unanimously.
Agreed: Recommend to Cabinet that the proposed investment should proceed.
There being no further business, the meeting ended at 6.48pm.
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