Decision details

The Cabinet considered a report requesting agreement to a substantial supplementary capital estimate to enable the Council to be in a position to take advantage of a number of opportunities for property acquisitions within the Borough, and future opportunities.

Resolved to recommend Council to approve a supplementary capital estimate for property acquisitions within the Borough of £80m for the remainder of 2016/17. 

Reason for decision

Due to the scale of funding reductions facing the Council and additional pressures in areas such as housing and recycling, the Council needs to continue to acquire assets which both support the economic development and well-being of the Borough and provide an investment income for the Council.