Decision details
Commercial Property Investment Strategy Update
PDF 13 KBDecision Maker: Executive
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Purpose:
To review progress to date in implementing the Commercial Property Investment Strategy (CPIS) and proposes that additional capital resources of up to £30m are made available for further acquisitions, in order to secure this level of additional income.
Decision:
RECOMMENDED: that further capital sums of up to £30m are made available to support the Commercial Property Investment Strategy achieving its target level of £3m on-going additional revenue income.
Reasons for the decision:
A Council-wide Transformation Programme has been established to review all services over time and secure savings that will play a large part in enabling the Council to set a balanced budget for the coming years. Commercial property acquisitions have been targeted to deliver on-going additional income of £1m per year, rising to £3m by 2019/20.
Alternative options considered:
The Executive could decide that the level of investment already approved, at £60m, should represent the ceiling for commercial property acquisitions. The consequence of this would be the need for alternative savings to be identified in order to achieve a balanced medium-term financial position.
Interests and Nature of Interests Declared:
None
Reason Key: Expenditure >£400,000 & Affects more than 1 ward.;
Wards Affected: (All Wards);
Financial Impact: Capital investment of £60m has already been approved. The report will consider this level of expenditure against the additional income aspiration of £3m per annum.
Declarations: None
Subject to Urgent Proceedings: No
Making Representations: In writing to the Borough Treasurer
Other reasons / organisations consulted
Presentation to Overview and Scrutiny
Commission for consideration on 21 September 2017
Consultees
Councillors and Corporate Management
Team
Contact: Stuart McKellar, Executive Director: Resources Email: stuart.mckellar@bracknell-forest.gov.uk Tel: 01344 352205.
Report author: Stuart McKellar
Publication date: 21/11/2017
Date of decision: 21/11/2017
Decided at meeting: 21/11/2017 - Executive
Effective from: 29/11/2017
Accompanying Documents: