The Asset Management Strategy 2014/15 was approved by the Asset &Enterprise Committee on the 15 July 2014. One of the key actions in the Strategy was the “Acquisition of Revenue Generating Opportunities”.

Policies had been prepared to provide guidance for the Acquisition, General Disposal and Disposals at less than Best Value and these were attached to a separate report to this Committee. The Acquisition Policy referred to was appropriate for normal situations however the Policy lacked the flexibility particularly in terms of time scales and was drafted on the basis of acquisitions for operational reasons and that all acquisitions would be by negotiation.

It was proposed that in certain circumstances, the Acquisition Policy was adjusted to enable the Council to make opportunistic purchases and to compete effectively with other parties.

After a full decision a motion was MOVED by Cllr Quirk and SECONDED by Cllr Sapwell to receive the recommendations set out in the report.

Following a discussion a recorded vote was requested in accordance with

Rule 9.5 of the Council’s Procedure Rules. Members voted as followed:

FOR: Cllrs Baker Clark, Morrissey, Quirk and Sapwell (5)

AGAINST: Cllrs Mrs Hones, Mrs Coe, Parker, Kerslake and Sleep (5)

On the casting vote of the Chair the motion was RESOLVED:

1.            That the Committee approved the Acquisition Policy which allowed flexible adjustments in specified circumstances to enable the Council to acquire revenue generating assets.

2.            That the Finance and Resources Committee be requested to consider a Capital Programme allocation up to £10m within the Medium Term Financial Plan for the acquisition of revenue generating assets to add and enhance the council’s current investment and operational property portfolios.

REASON FOR DECISION

Members need to ensure that best practice and transparency are maintained.