Issue - meetings

Council is asked to:

1.     Approve the adoption of the Asset Management Strategy and the Asset Management Plan.

The Mayor presented this item after items 16 and 17.

Council considered a report on the adoption of the Asset Management Strategy and Asset Management Plan, replacing the Asset Management Plan dated September 2020.

Council resolved to approve the adoption of the Asset Management Strategy and Asset Management Plan.

Committee is asked to:

1.     Recommend to Council that they approve the adoption of the Asset Management Strategy and the Asset Management Plan; and

2.    Recommend to Committee System Working Group to review the introduction of a new Sub-Committee that will report into this Committee with 4/5 members including an independent external advisor.

The Committee considered a report from the Principal Asset Manager and Group Head Assets that sought:

1.    A recommendation to Council to adopt the Asset Management Strategy and Asset Management Plan; and

2.    A recommendation to the Committee System Working Group to include, as part of the Committee Structure Review, the establishment of a new Sub-Committee with 4/5 members including an independent external advisor.

The Committee resolved to make the 2 recommendations as outlined in the report.

The Committee considered a report from the Principal Asset Manager and Group Head Assets that sought:

1.    A recommendation to Council to adopt the Asset Management Strategy and Asset Management Plan; and

2.    A recommendation to the Committee System Working Group to include, as part of the Committee Structure Review, the establishment of a new Sub-Committee with 4/5 members including an independent external advisor.

The Committee resolved to make the 2 recommendations as outlined in the report.

To receive an update on the Asset Management Strategy.

The Sub-Committee received an update on the Asset Management Strategy from the Asset Management Consultant who advised that the Strategy would be presented to Corporate Policy and Resources Committee on 27 November 2023 for recommendation to Council in December.

The Sub-Committee thanked the Group Head – Assets and the Asset Management Consultant for the work on the strategy.

The Sub-Committee asked when the Asset Management Plan (AMP) would be presented to the Sub-Committee. The Group Head – Asset advised that changes proposed by the working group had been incorporated into the plan and that it was intended to be a living document so future changes could be made. It was agreed that the AMP would progress as planned to CPRC on 27 November 2023 and Council in December, but would return to Development Sub-Committee in three months.

The Sub-Committee queried the steps taken to secure income within the investment portfolio. The Asset Management Consultant advised that the Council pro-actively monitored the credit worthiness and financial standing of clients. The Group Head – Assets stated that changes have been made within the team to allow Asset Managers to spend more time engaging with tenants.

The Sub-Committee asked how a decision would be made on future reporting and governance of the investment portfolio and whether a Sub-Committee or Working Group would be most appropriate. The Group Head – Assets advised that a report would need to go through proper channels and take into consideration wider changes to the committee structure. A final report would go to Corporate Policy and Resources Committee.

The Sub-Committee resolved to note the update.