Issue - meetings

To consider a report which provides information on the property acquisitions and disposals undertaken by the Council in the period 1^st April 2020 to 30^th September 2021. The report also provides information on pending transactions and a potential pipeline of further activity.

The Sub-Committee considered  a report providing context and activities linked to the Council’s assets acquisitions and disposals of land and property.

The report provided information on the property acquisitions and disposals undertaken by the Council in the period 1^st April 2020 to 30^th September 2021. It also provided information on pending transactions and a potential pipeline of further activity.

A schedule showing active disposals for the balance of the current year and for future years was set out in Appendix D. The Appendix contained commercially sensitive information and would be considered in Part 2 of the meeting.

Members requested a full list of the highways schemes referred to in Appendix A to the report. They also asked to whom the properties referred to in Appendix B had been sold and for what purpose. The Director of Growth and Enterprise undertook to provide the information in writing to all members of the Sub-Committee.

In response to questions by members, officers advised as follows:

§  The approach to the sale of assets was full market value subject to any constraints such as community use.

§  Income from the sale of assets could not be used for day-to-day expenditure. Capital could be used for revenue purposes in certain one-off cases such as transformation projects but this was not factored into the budget.

§  Any income over and above the target of £1m in capital receipts would be used to offset the cost of borrowing.

§  Capital receipts did not go into the General Reserves which were a revenue fund.

Councillor N Mannion as Chair of the Economy and Growth Committee reported that the Committee at its meeting on 30^th November 2021 had approved the process and timetable for a draft Asset Management Policy to be brought back to the Committee for endorsement.

RESOLVED (unanimously)

That the Sub-Committee

1.    notes the acquisition and disposal activity of the Council for the period 1^st April 2020 to 30^th September 2021, and identified within the Appendices:

§  Appendix A  - Summary of Acquisitions

§  Appendix B - Disposals completed in 2020 to 2021 Financial Year.

§  Appendix C - Disposals completed in the current Financial Year, 2021 to 2022.

2.    notes the pipeline of property transaction activity and the potential impact on the MTFS.