Issue - meetings

To note the annual commercial property report for the year ending 31 March 2021 and agree to publicise on the Council’s website.

The Committee considered the Annual Commercial Property Report for 2020/21.

The Committee agreed that was a well written, in-depth report that focussed on the previous year. Councillor Nichols asked the Development & Property Manager to write a forward looking report that highlighted any potential issues or risks involved with each development.

Councillor Harvey queried paragraph 3.8 of the report that made reference to the Council’s sinking fund. The Committee agreed the wording was to be changed and the Deputy Chief Executive advised that he would circulate the revised wording to the members of the Committee.

The Committee resolved to note the annual commercial property report for the year ending 31 March 2021 and agreed to publicise it on the Council’s website subject to the wording in paragraph 3.8 being amended.

Postscript: The amended agreed wording was:

“As at the 31st March 2021, the Council accumulated a sinking funds’ reserves combined balance o£ £26.87 million (up from £20.30 million a year ago, in March 2020). At this current level the sinking funds reserves could continue to make the annual net £10.40 million contribution towards the Council’s Revenue Budget (which was last years actual net contribution level), supporting the cost of services, for a period of just over two and a half years (30.4 months)”.