Issue - meetings

Report No:   CAB/WS/19/037

Portfolio Holders: Cllrs Susan Glossop and Peter Stevens

Lead Officers: Julie Baird and Mark Walsh

RECOMMENDED to COUNCIL :

That:

(1)     the West Suffolk Asset Management Strategy attached at Appendix A to Report No: CAB/WS/19/037, be approved; and

(2)     the delegations for property acquisitions as outlined in the Asset Management Plan attached at Appendix B, be approved and funded through the Investing in Growth Fund to be brought in line with those for non-property transactions from the same fund, as set out in Section 2.4 of Report No: CAB/WS/19/037.

The Cabinet considered this report, which sought approval for the adoption of a new West Suffolk Asset Management Strategy and Plan (AMSaP), together with proposed delegations associated with property and asset transactions.

The overall strategic approach to investing in, managing and disposing of land and property assets, which was attached as Appendix A, was proposed to satisfactorily integrate with the Council’s wider policy framework, which comprised key policies such as the West Suffolk Strategic Framework and Medium Term Financial Strategy (MTFS).

Councillor Susan Glossop, Portfolio Holder for Growth, drew relevant issues to the attention of Cabinet, including that the accompanying Asset Management Plan, attached as Appendix B, had been produced to satisfactorily address how the strategic approach would be applied through the Plan’s division into nine categories. Each asset category was described in the Plan; how the asset types would deliver the Council’s strategic priorities; and the strategic approach for each asset category (Appendix B1). Details of Acquisitions (Exempt Appendix B2), Estate Management (Appendix B3) and Disposals (Exempt Appendix B4) were also contained in the Plan and these set out the actions for each asset category under each these aforementioned headings.

Attention was also drawn to appropriate delegations to be put in place for property and asset transactions made from the Investing in Growth Fund, which would align with those previously approved for other investments made utilising the Investing in Growth Fund.

The Cabinet recognised the benefits of the adopting the AMSaP, which supported the Council’s behaving more commercially approach contained in the MTFS and would also provide the framework to enable the Council to maximise the value of its existing assets.  Members fully supported the AMSaP and recommended it to Council for final approval.

RECOMMENDED to COUNCIL (17 December 2019):

That:

(1)     the West Suffolk Asset Management Strategy attached at Appendix A to Report No: CAB/WS/19/037, be approved; and

(2)     the delegations for property acquisitions as outlined in the Asset Management Plan attached at Appendix B, be approved and funded through the Investing in Growth Fund to be brought in line with those for non-property transactions from the same fund, as set out in Section 2.4 of Report No: CAB/WS/19/037.