Issue - meetings

To recieve the Investment Strategy report.

The Cabinet Member for Finance and Administration introduced the report on the Council’s Investment Strategy.  

In response to a question from Councillor LeCount, the Director of Corporate and Financial Services said the largest piece of land the Council owned was large enough to build fourteen houses. With regards to purchasing land for the building of market houses, he said they were not ruling out the option but there were high risks involved.

The Chairman asked whether the Council had a risk register relating to its investments.

The Assistant Director – Corporate Services said there was a risk register for Chesterford Research Park and a similar approach would be taken for other acquisitions.  

In response to a question regarding the risks to the Council’s investment following Britain’s withdrawal from the European Union, the Cabinet Member for Finance and Administration said reserves were in place and a covenant of tenancy had been agreed to safeguard the Council’s position. He added that the tenants were not overly concerned as they were research, rather than manufacturing, companies and would not be adversely impacted by a withdrawal from the customs union. In general, he said, good progress had been made and the park was attracting new tenants.

The Chairman said he had asked for feedback from the non-executive directors of Aspire on the progress and risks of the Council’s investment at Chesterford Research Park. This feedback would be brought to Members at a future committee meeting.

 In response to a Member question, the Cabinet member for Finance and Administration said there were no imminent investment opportunities but the Council were on the look-out. He said as soon as something was found that was compliant with the Council’s Investment Strategy, it would be brought before Members for approval.  

The meeting ended at 9.35pm.