Issue - meetings

A proposed investment strategy is attached as appendix one to this report.  It is intended to help deliver the borough plan and Brent 2020 objectives by investing in appropriate assets to generate financial returns, cut costs and deliver social value.

(i)         To agree the investment strategy as attached as appendix one.

To note that individual investment decisions will be subject to specific approval by Cabinet;

(ii)        To agree that the management of the council’s reserves will be centralised in order to facilitate the delivery of the investment strategy;

(iii)       To agree, as part of 2.3, that a new £12m investment reserve will be established through re-designation of existing reserves, in order to deliver the investment strategy;

(iv)       To delegate to the Chief Finance Officer authority to amend the technical criteria for evaluating investments as necessary.

Councillor Pavey, Deputy Leader of the Council, introduced the report stating that the draft investment strategy was attached at appendix one to the report from the Chief Finance Officer.

Councillor Pavey stated that the Strategy has been prepared through a process of detailed research and review of the capital programme.

In addition, he stated that a member development session had taken place on 15 March 2016, and that the feedback from that session had been taken into account in finalising the Strategy.

Councillor Pavey stated that the session had showed that there was support for the broad principle of adopting a more ambitious and proactive approach to investment. This would be subject to appropriate member oversight arrangements being in place, in addition to Cabinet approvals, and proposals on this would be developed throughout the implementation of the Strategy.

In addition, he stated that the members’ session had stressed the importance of ensuring that the Strategy was aligned with proposals around the community infrastructure levy and its use.

Councillor Pavey drew members’ attention to recommendation 2 - that the management of the council’s reserves would be centralised in order to facilitate the delivery of the investment Strategy.

RESOLVED:

(i)         that the investment strategy as attached as appendix one to the report from the Chief Finance Officer be agreed;

(ii)        that it be noted that individual investment decisions would be subject to specific approval by Cabinet;

(iii)       that the management of the council’s reserves be centralised in order to facilitate the delivery of the investment strategy;

(iv)       that as part of (iii) above, a new £12m investment reserve be established through re-designation of existing reserves, in order to deliver the investment strategy;

(v)        that authority be delegated to the Chief Finance Officer to amend the technical criteria for evaluating investments as necessary.