Meeting Details

Revolving Investment Fund Committee
8 Mar 2016 - 18:00 to 00:00
Occurred
G3
  • Documents
  • Attendance
  • Visitors
  • Declarations of Interests

Documents

Agenda

Part A
1 Welcome and Announcements

a)     The Chairman to welcome members of the public and Councillors and to remind all speakers of the requirement for microphones to be used at all times.

(b)     At the Chairman's discretion, to announce information on:

  • action in the event of an emergency;
  • mobile phones switched to silent;
  • the audio-recording of meetings;
  • location of toilets;
  • introduction of members of the meeting.
2 Substitutions

Members may arrange for a substitute councillor to attend a meeting on their behalf, subject to prior notice being given. The attendance of substitute councillors must be recorded.

3 Urgent Items

To announce any items not on the agenda which the Chairman has agreed to consider because they are urgent, to give reasons for the urgency and to indicate where in the order of business the item will be considered.

4 Declarations of Interest

The Chairman to invite Councillors to declare individually any interests they may have in the items on the agenda. Councillors should consult Meetings General Procedure Rule 7 for full guidance on the registration and declaration of interests. However Councillors may wish to note the following:- 

  • Where a Councillor has a disclosable pecuniary interest, other pecuniary interest or a non-pecuniary interest in any business of the authority and he/she is present at a meeting of the authority at which the business is considered, the Councillor must disclose to that meeting the existence and nature of that interest, whether or not such interest is registered on his/her register of Interests or if he/she has made a pending notification.  
     
  • If a Councillor has a disclosable pecuniary interest in a matter being considered at a meeting, he/she must not participate in any discussion or vote on the matter at the meeting. The Councillor must withdraw from the room where the meeting is being held unless he/she has received a dispensation from the Monitoring Officer.
     
  • Where a Councillor has another pecuniary interest in a matter being considered at a meeting and where the interest is one which a member of the public with knowledge of the relevant facts would reasonably regard as so significant that it is likely to prejudice the Councillor’s judgement of the public interest, the Councillor must disclose the existence and nature of the interest and withdraw from the room where the meeting is being held unless he/she has received a dispensation from the Monitoring Officer.
     
  • Failure to comply with the arrangements regarding disclosable pecuniary interests without reasonable excuse is a criminal offence, with a penalty of up to £5,000 and disqualification from office for up to 5 years.
5 Have Your Say!
a) The Chairman to invite members of the public to indicate if they wish to speak or present a petition at this meeting – either on an item on the agenda or on a general matter relating to the terms of reference of the Committee/Panel not on this agenda. You should indicate your wish to speak at this point if your name has not been noted by Council staff.

(b) The Chairman to invite contributions from members of the public who wish to Have Your Say! on a general matter relating to the terms of reference of the Committee/Panel not on this agenda.
6 Minutes
To confirm as a correct record the minutes of the meeting held on 1 February 2016
32

RESOLVED that the minutes of the meeting held on 1 February 2016 be confirmed as a correct record.

See report by the Assistant Chief Executive

33
The Head of Commercial Services submitted a report a copy of which had been circulated to each Member.

Steve Heath, Finance Manager, presented the report to the Committee.  The Revolving Investment Fund account was broadly in balance with a manageable shortfall of £135K forecast by end of 2018/19.  Ian Vipond Strategic Director, stressed that one of the aims of the Revolving Investment Fund was to increase the Council’s commercial income, and the Fund should have generated an income of almost £1 million by 2018/19.

RESOLVED that the latest financial position for the Revolving Investment Fund be noted.

REASONS

Cabinet agreed to create the Revolving Investment Fund (RIF) as a way to recycle capital receipts into profitable high income producing development schemes and regeneration/economic growth projects. The Head of Commercial Service’s report sets out the updated financial position of the RIF and proposes allocations of funding to specific projects.

ALTERNATIVE OPTIONS

It would be possible to consider different allocations to projects.  However, the proposals in the Head of Commercial Services report represent a considered view of the cost to deliver a number of projects and income budget targets.

See report by the Head of Commercial Services

34
The Head of Commercial Services submitted a report a copy of which had been circulated to each Member. 

Fiona Duhamel, Economic Growth Manager, presented the report to the Committee. This was an opportunity for a strategic land purchase, with the potential in the long term to provide income or a capital receipt. The site constituted 33 acres of grazing land, together with a house and some outbuildings, which in a poor condition. There was sufficient funding for the purchase.  The Council have no short term plans to change the use of the site for disposal.

Councillor Smith, Leader of the Council and Portfolio Holder for Strategy, stressed the importance of maintaining the Council’s strategic land bank, which would provide opportunities for future generations.

RESOLVED that the contents of the report be noted and the formal decisions be taken following consideration of the report in Part B of the agenda.
 
REASONS

The RIF was established to recycle capital receipts into projects that could deliver against a number of Council objectives. The RIF can be used to support wider economic growth targets and deliver infrastructure supporting regeneration but its principle function is to recycle capital funds from the sale of assets for investment into income producing opportunities which can in turn support provision of frontline Council services. This proposal is a strategic land purchase which has the potential in the longer term to provide income and/or capital receipts.

Where the Council wishes to secure high levels of future income there is a need to carry out investment decisions in a more commercially focused way based on a clear business case. The business case is included in Part B of the agenda.

ALTERNATIVE OPTIONS

The only alternative option at this stage is not to progress with the acquisition.  The business case in Part B of the agenda discusses the various options for the site once acquired, but these would be the subject of separate business cases in due course.  

9 Exclusion of the Public (Cabinet)
In accordance with Section 100A(4) of the Local Government Act 1972 and in accordance with The Local Authorities (Executive Arrangements) (Meetings and Access to Information) (England) Regulations 2012 to exclude the public, including the press, from the meeting so that any items containing exempt information (for example personal, financial or legal advice), in Part B of this agenda (printed on yellow paper) can be decided. (Exempt information is defined in Section 100I and Schedule 12A of the Local Government Act 1972).
Publication and Call in Arrangments
Date Published 9 March 2016 

Date when decisions may be implemented (unless ‘called in’) 5pm 16 March 2016.NB All decisions except urgent decisions and those recommended to Council may be subject to the Call-in Procedure. 

Requests for the scrutiny of relevant decisions by the Scrutiny Panel must be signed by at least ONE Councillor AND FOUR other Councillors to countersign the call-in form OR to indicate support by e-mail.  All such requests must be delivered to the Proper Officer by no later than 5pm on 16 March 2016

Part B
10 Minutes - not for publication extract
  • This report is not for publication by virtue of paragraph 3 of Part 1 of Schedule 12A to the Local Government Act 1972 (financial / business affairs of a particular person, including the authority holding information).

See appendices to the Assistant Chief Executive's report

  1. Financial Update - appendices
    • This report is not for publication by virtue of paragraph 3 of Part 1 of Schedule 12A to the Local Government Act 1972 (financial / business affairs of a particular person, including the authority holding information).
36
The Committee resolved under Section 100A(4) of the Local Government Act 1972 and in accordance with the Local Authorities (Executive Arrangements)(Meetings and Access to Information)(England) Regulations 2012 to exclude the public from the meeting for the following items as they involved the likely disclosure of exempt information as defined in paragraph 3 of Part 1 of Schedule 12A to the Local Government Act 1972.


This minute is not for publication by virtue of paragraph 3 of Part 1 of Schedule 12A to the Local Government Act 1972 (information relating to the financial or business affairs of any particular person (including the authority holding that information)).

See report by the Head of Commercial Services

  1. Seven Saints Farm Part B
    • This report is not for publication by virtue of paragraph 3 of Part 1 of Schedule 12A to the Local Government Act 1972 (financial / business affairs of a particular person, including the authority holding information).
  2. Seven Saints Farm Business Case - Part B
    • This report is not for publication by virtue of paragraph 3 of Part 1 of Schedule 12A to the Local Government Act 1972 (financial / business affairs of a particular person, including the authority holding information).
  3. Seven Saints Farm Plan
    • This report is not for publication by virtue of paragraph 3 of Part 1 of Schedule 12A to the Local Government Act 1972 (financial / business affairs of a particular person, including the authority holding information).
  4. Seven Saints Farm Photos - Part B
    • This report is not for publication by virtue of paragraph 3 of Part 1 of Schedule 12A to the Local Government Act 1972 (financial / business affairs of a particular person, including the authority holding information).
37
The Committee resolved under Section 100A(4) of the Local Government Act 1972 and in accordance with the Local Authorities (Executive Arrangements)(Meetings and Access to Information)(England) Regulations 2012 to exclude the public from the meeting for the following items as they involved the likely disclosure of exempt information as defined in paragraph 3 of Part 1 of Schedule 12A to the Local Government Act 1972.


This minute is not for publication by virtue of paragraph 3 of Part 1 of Schedule 12A to the Local Government Act 1972 (information relating to the financial or business affairs of any particular person (including the authority holding that information)).

Additional Meeting Documents

  1. 08-03-16 not for publication extract
    • This report is not for publication by virtue of paragraph 3 of Part 1 of Schedule 12A to the Local Government Act 1972 (financial / business affairs of a particular person, including the authority holding information).

Attendance

Name
No other member attendance information has been recorded for the meeting.
NameReason for Sending ApologySubstituted By
Councillor Mark Cory Councillor Paul Smith
NameReason for AbsenceSubstituted By
No absentee information has been recorded for the meeting.

Declarations of Interests

Member NameItem Ref.DetailsNature of DeclarationAction
No declarations of interest have been entered for this meeting.

Visitors

Councillor Havis attended as an observer in her capacity as Chairman of the Trading Board

Also in attendance: - Councillor Jarvis