Issue - meetings

To receive an update on market information and valuation.

The Director – Finance and Corporate Services gave a summary of the report, which provided an option for quarterly market and valuation reporting for consideration. He said that initial thoughts of the format were for a quarterly market update and an annual valuation; outside of these valuations provision of ad hoc valuations on particular assets for potential sales, as well as indications for potential purchases or scenarios. The current quarterly reporting methodology with Chesterford Research Park was seen to be a benchmark and this format would be shared with Members. The cost of this type of service was likely to be around £30,000.

Members spoke in support of this way forward and provided guidance in that it was seen as being helpful, independent and providing value for money. Councillor Khan said that this would strengthen governance arrangements and requested the use of simple dashboards and simple narratives. The Independent Member stated that this was an extremely good idea and that an annual valuation was needed anyway.

The Director – Finance and Corporate Services said that he would be initially looking for a one year contract and that he would be in a position to put arrangements in place in the next few weeks.