Issue - meetings

The Executive Member for Finance and Governance and the Director of Finance submitted a report for the Executive’s consideration. The purpose of the report was to seek approval for revisions to the asset disposal policy. The amendments outlined a community benefit clause that stated in the event that an asset was disposed of above the projected market value, 3% of the value would be made available for local community use.

In some circumstances an asset that was disposed through open market may attract above market value, as such, amendments had subsequently been made to the asset disposal policy to allow local communities to benefit, should such circumstances arise.

Those amendments included:

·         3% of the disposal price being made available to the ward for community use; and

·         the funding being maintained within the Finance Directorate and spend within the community being agreed by the Director of Finance, Executive Member for Finance and Governance and the relevant ward councillors. That planned to ensure any capital receipt expenditure would meet accounting requirements.

OPTIONS

Do nothing - The asset disposal policy could have remained unchanged, and any assets disposed of above market value would have had a positive impact in terms of an enhanced capital receipt. However, the Local Authority was committed to locality working and that was an opportunity to stimulate investment at ward level.

ORDERED

That an amendment to the asset disposal policy be approved, to facilitate local communities benefiting whereby a Council owned asset was disposed of within their respective locality above market value.

REASON

To ensure that the Council continued to have an asset disposal process which was responsive, fit for purpose and allowed the Council to clearly demonstrate Value for Money in relation to the disposal of Council owned assets, but also a policy that reflected support to local communities.