Issue - meetings

Report of the Resources Portfolio Holder and Chief Executive

The Resources Portfolio Holder and Chief Executive submitted a report asking Cabinet to give the Service Director Performance and Innovation (SDP&I) delegated authority to make investment decisions in consultation with the Resources Portfolio Holder.

Decision

Cabinet agreed:

·         to give the SDP&I delegated authority to make investment decisions up to £1,000,000 in consultation with the Resources Portfolio Holder.

·         to establish an Investment Board to support the SDP&I to achieve the appropriate checks and balances. The Board will consist of the SDP&I, Head of Finance (S.151 Officer) and Senior Solicitor (Deputy Monitoring Officer) and will meet as and when a commercial opportunity arises that requires a timely decision. A report to the Board from the Head of Built Environment will set out the proposal, its associated risks and the financial and legal implications. Any business case for a commercial opportunity will therefore require the approval of the S.151 Officer and the Senior Solicitor. The remainder of Corporate Management Team, not represented on the Board, will also be consulted on any investment opportunities and all could deputise for the SDP&I in their absence. The Board will take into account the Medium Term Financial Plan, the Capital Programme, the emerging Capital Strategy and any relevant Treasury Management Policies and Procedures. All decisions must be in line with the aforementioned documents.

·         to establish a Property Investment Fund from general balances of £1,000,000 and a one-off revenue budget of £30,000 to be earmarked to fund upfront costs.

·         that the Council’s Constitution be updated to accommodate the recommendations above.