Issue - meetings

The report of the Director – Finance and Corporate Services is attached.

It was RESOLVED that the Terms of Reference for the Asset Investment Group as referred to in Paragraph 4.5 of the report be approved.

The Cabinet Portfolio Holder for Finance, Transformation and Governance, Councillor Virdi presented the report of the Director – Finance and Corporate Services detailing the Asset Investment Group Terms of Reference.

Councillor Virdi advised that the report followed recent discussions by Councillors regarding asset acquisition, and it highlighted why the Group was required, together with the current Terms of Reference (ToR) and proposed revisions. Councillor Virdi stated that the Group’s original focus had been on asset investment for commercial return; however, that type of investment was now less likely, given recent changes to the Chartered Institute of Public Finance and Accountancy (CIPFA) rules. It was noted that the Council might need to acquire assets, and such acquisitions were often opportunistic and required quick decision making, with the input of officers and Cabinet. Business cases had to be assessed and scrutinised prior to Council meetings, and given the confidential nature, restrictions were required on those involved, and he referred to paragraph 4.5 of the report, which detailed the revised ToR. Councillor Virdi stated that the report provided additional assurance, and highlighted were broader transparency and accountability lay, to ensure that all Councillors had confidence in this process.

In seconding the recommendation, Councillor Upton stated that this Group was still needed, even though its remit had been slightly changed to comply with new financial guidance.   

It was RESOLVED that the Terms of Reference for the Asset Investment Group as referred to in Paragraph 4.5 of the report be approved.