Members were advised that, in light of the significant budget pressures that would be facing the Council in the coming years, ways of generating additional income and reducing costs were being explored.

The report set out the current activities which were being undertaken by the Council in relation to this, summarized as follows:

·                Ensuring the best use being made of the Council’s existing property assets and acquiring and managing income generating property assets if appropriate

·                Updating the Council’s asset register to maximize potential revenue streams

·                Maximising returns from property assets through reviewing existing leases, triggering rent review clauses or negotiating new agreements.  A central list of leased properties and rent review dates was being compiled

·                The identification and sale of redundant property assets

·                Acquisition of income generating property assets

·                Establishing a Local Authority Trading Company (LATCo) to enable the Council to undertake commercial activity

·                Minimising borrowing costs

·                Procurement challenge through the East of England Local Government Association

·                Reduction in the cost of provision of homelessness accommodation, possibly providing accommodation directly by the Council

·                Investigating the possibility of reclaiming VAT through engagement of specialist VAT consultants

Cllr Mrs McKinlay  MOVED and Cllr Parker SECONDED the recommendations in the report and following a full discussion a vote was taken on a show of hands and it was

RESOLVED UNANIMOUSLY

1.            To approve the areas identified for a draft “Income Generation Programme” to cover the areas identified in 4.1-4.10 of the report.

2.            To agree that such activities as outlined in 4.1-4.10 of the report, be developed into full business cases with reports to come back to Policy, Finance and Resource Committee, once details are complete.

3.            That opportunities be explored for the Council to maintain its own trees and possibly generate an income through other tree-works.

REASON FOR RECOMMENDATION

To provide Members with an update on the activities taking place regarding income generation and cost savings.