Issue - meetings

To note the Annual Investment Report 2020 which will be considered by Cabinet at its meeting on 23 September 2020.

The Group Head for Regeneration and Growth presented the Annual Investment Report. She explained that the report provided a picture of the Council’s investment and regeneration assets as at the end of the financial year March 2020 and set out how well they are performing, how we compare to the rest of the market, how we manage and mitigate risk, the methods we employ to actively manage our assets and what our exit strategies are for each investment asset. Key Performance Indicators had been developed covering issues such as capital growth, income yield, sinking fund income cove and vacancy rates.

A statement from the Portfolio Holder, Deputy Leader Councillor McIlroy, was read to the Committee. He said he recognised the need to continually look at what information needs to be provided and future improvements planned for next year’s report included more detailed exit strategies for each of the investment assets.

He referred to the fact the Committee would be discussing the cash flow modelling for the investment portfolio sinking funds, later on its agenda and this demonstrated a willingness to share confidential information to aid the understanding of the committee members and assist their ability to scrutinise.

During the discussion on this item, Committee members asked questions about the outlook for commercial rents and values of retail assets, the responses to which would reveal confidential financial information. These questions were dealt with in a part 2 session at the end of the meeting.

Resolved to note the report.

Councillor J. Boughtflower

To consider approval of the Annual Asset Investment Report.

Cabinet considered the Annual Investment Report (AIR) 2020 which sets out the performance of the investment and regeneration portfolio as at the end of March 2020. It fully reflects the impact of COVID-19 in the last few weeks of March.

Alternative options considered and rejected by Cabinet:

·         To not approve the report.

Resolved to approve the Annual Investment Report.

Reason for Decision

The report sets out a clear picture of the Council’s investment and regeneration assets as at the end of the financial year March 2020 ensuring there is full transparency of the portfolio and its performance.

This Item has been withdrawn.

This item was withdrawn prior to the meeting.