Agenda item

(a)  That the commencement of the Asset Disposal Project be noted;

(b)  That the sequential disposal methodology outlined in 5.3 to 5.10 of the report with regards GF asset disposals for the financial years  2021/2022 and 2022/2023 be approved.

(c)  That delegated authority be given to the Executive Director of Place, following consultation with the appropriate lead member, after consultation with the S151 and Monitoring Officer to dispose of GF assets up to a value of £1m (exclusive of any applicable VAT) subject to proper legal and valuation advice. 

(d)  That it be noted that any proposed GF asset disposals above £1m and/or that were of particular community/public interest would be presented to Cabinet under separate report(s) during the course of this disposals project.

(e)  That a further report updating Cabinet on the Asset Disposal Project would be presented to the Cabinet in December 2021. 

The Leader of the Council and the Associate Director – Place, Strategy introduced a report that set out the principles and with regard to General Fund asset disposals over the 2021/22 and 2022/23 financial years.

The Cabinet recognised the importance of ensuring good governance and best value were achieved with regards to the disposal of surplus assets as part of a wider approach to reduce borrowing costs.  The delegation covered the disposal of General Fund assets of up to £1m.  The report set out the five key steps that would be taken as part of the programme:

1.  Identifying assets for disposal.

2.  Legal, report on title.

3.  Asset valuation.

4.  Disposal and methods of disposal.

5.  Officer delegation.

Lead Members agreed the approach to ensure a planned and comprehensive approach was being taken.  The relevant portfolio holder would be consulted and this was built into the delegation.  This was one a wider range of measures which included a review of the Executive Procedure Rules and terms of reference of the Cabinet Commercial Sub-Committee and a full review of the Capital Programme and other financial steps to reduce the Council’s borrowing. 

Speaking under Rule 30, Councillor Strutton supported the principles and asked how disposals would be managed for assets owned by the Council’s subsidiary housing companies and the Executive Director of Place explained the position.

At the conclusion of the discussion the recommendations were agreed.

Resolved –

(a)  That the commencement of the Asset Disposal Project be noted;

(b)  That the sequential disposal methodology outlined in 5.3 to 5.10 of the report with regards GF asset disposals for the financial years  2021/2022 and 2022/2023 be approved.

(c)  That delegated authority be given to the Executive Director of Place, following consultation with the appropriate lead member, after consultation with the S151 and Monitoring Officer to dispose of GF assets up to a value of £1m (exclusive of any applicable VAT) subject to proper legal and valuation advice. 

(d)  That it be noted that any proposed GF asset disposals above £1m and/or that were of particular community/public interest would be presented to Cabinet under separate report(s) during the course of this disposals project.

(e)  That a further report updating Cabinet on the Asset Disposal Project would be presented to the Cabinet in December 2021.