Issue - meetings

The committee is requested to consider the Investment Strategy described in this report (including the Land & Property Sub-Strategy at Appendix 1) and to recommend it to Cabinet for adoption.

The Chairman welcomed Mr Tony Jackson (Acting Group Accountant (Technical & Exchequer)) and Mr Legood (Valuation and Estates Manager) to the meeting. Mr Jackson presented the report (copy attached to the official minutes). He pointed out that the key to the protocol was a balance between financial and non-financial considerations. These were likely to would be properties which included something like community benefits as part of the purchase.

Mrs Hardwick wanted to know how return on investments was quantified in terms of alternative benefits and whether this should be quantified over the lifetime of the project or a short term goal. Mr Legood advised that a good return was paramount with other benefits being a bonus. We currently assess rental against capital outlay; however Mr Jackson advised that in a real life situation we would assess the longer term return - financial and non-financial. One way was to try and determine the turnover or benefits that local businesses might achieve if a particular key shop was introduced into the area. Mrs Hardwick was concerned that the protocol was silent on projected capital value or volatility. Mr Jackson advised that once we are looking at a specific real project we would build in assumptions at the given time in the proposal. He confirmed that members were able to suggest any investment in their parishes as long as it was income generating and didn’t involve community right to buy issues.

RESOLVED

That a Task and Finish Group (TFG) be set up to consider the Investment Strategy described in this report (including the Land & Property Sub-Strategy at Appendix 1) and report back to the committee as soon as possible.

That Mrs P Tull, Mr P Jarvis and Mr F Hobbs are confirmed as members of this TFG alongside Cabinet members Mrs P Hardwick, Mr B Finch and Mrs G Keegan.