Issue - meetings

Report of the Cabinet Member Finance

The Cabinet Member Finance and Assets introduced the report, noting that the net value of CBC’s assets had risen by around £490m since the current asset management strategy was approved in 2015. Their assets ranged from allotments to modern office accommodation, and included 10% of homes in the town. It was clear that a lot had changed since 2015, and a new framework was needed in order to maximise the benefits the assets could provide.

He explained that the new strategy provided a way to assess how each asset was contributing to the council’s key priorities, and to help them make informed, transparent and safe decisions. Detailed asset plans would sit underneath the strategy, enabling the council to monitor the performance of its assets on an ongoing basis. These plans would be overseen by the Asset Management Working Group and a new dedicated officer group.

The strategy had been presented for consultation and feedback at the Asset Management Working Group, the Overview and Scrutiny committee, and both informally and formally with Cabinet colleagues. He stressed that the future in terms of property was exciting, and that he was looking forward to seeing the outcomes of doing things differently, enabling more value and enhancing assets for the benefit of residents, communities, and visitors to the town.

Members made the following comments:

-       a separate category for potential assets that needed development or regeneration would be helpful;

-       the growth in CBC’s asset portfolio over six years was a real sign of progress in the town, and its residential and social housing portfolio was promising too.

The Cabinet Member Finance and Assets noted that the investment strategy took the separate category into account.  He thanked Members for their comments, and officers and the Asset Management Working Group for their role in putting together the strategy. 

Report of the Cabinet Member Finance and Assets

RESOLVED THAT:

1.    The approval of the Asset Management Strategy included in Appendix 2 be recommended to Council;

2.    Responsibility for monitoring the implementation of the Strategy be delegated to the Head of Property, Finance and Assets (Deputy s151 Officer), in consultation with the Cabinet Member for Finance and Assets and the Asset Management Working Group.

The Cabinet Member Finance and Assets presented the report, noting that since the council’s current strategy had been approved in 2015, their asset portfolio had risen in value from £293m to £490m. Making best use of assets was a key part of generating income in order to serve residents’ needs. Extensive consultation had taken place with colleagues across the council through the Asset Management Working Group and Overview & Scrutiny Committee, and it would be discussed by all members at Council on the 21^st February.

The Leader moved to the vote, where it was unanimously:

RESOLVED THAT:

1.    The approval of the Asset Management Strategy included in Appendix 2 be recommended to Council;

2.    Responsibility for monitoring the implementation of the Strategy be delegated to the Head of Property, Finance and Assets (Deputy s151 Officer), in consultation with the Cabinet Member for Finance and Assets and the Asset Management Working Group.