Issue - meetings

To consider the 2021/22 Corporate Risk Register Update - Borrowing & Investments report.

The Director – Finance and Corporate Services gave a summary of the report, that advised Members of a new risk in the 2021/22 Corporate Risk Register relating to borrowing and Investments.

In response to various questions the Director – Finance and Corporate Services said that:

·         Proper process had been followed both in respect of QC opinion and in discussions with CIPFA.

·         References had been made to 2023/24 as this was the first full portfolio year of rental income. He said that he could provide anticipated figures for the current year and 2022/23.

·         CIPFA’s position was that Councils should not make commercial investments ‘purely for yield’.

·         Risks had been assessed if assets had to be sold and staff were currently working through various modelling scenarios.

·         In the event of the Council being forced to sell assets, the Council would make a sizeable profit.

RESOLVED that Members note the inclusion of a new risk relating to Borrowing and Investment (21-CR-12) in the 2021/22 Corporate Risk Register.