Issue - meetings

The Council considered the Cabinet recommendation from its meeting held on  21 December 2016 on the approval of a supplementary capital estimate for property acquisitions.

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

Councillor Harvey

To consider a report on a request for a supplementary capital estimate for property acquisitions in the Borough.

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.