Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: No
The subject of the decision:
This report sought approval to giving the Chief Executive delegated authority to make investment decisions in consultation with the Leader. Some commercial opportunities were only available for a time limited period. Currently, the Council could only make offers to purchase or to invest in assets and ventures subject to Council approval. This could result in the Council being considered less favourably compared to a potential competitor that could complete an acquisition or investment more quickly. This report sought to give the Chief Executive the authority in consultation with the Leader to approve investments up to £5,000,000 subject to several safeguards.
Alternative options considered:
The reason for the decision:
Cabinet was satisfied that this decision supported the Council’s Commercial Strategy which was to become self-sufficient in 2020/21.
That Cabinet approves and recommends to Council:-
(1) that delegated authority is given to the Chief Executive to make investment decisions in consultation with the Leader up to a value of £5,000,000 subject to the checks and balances contained in the report;
(2) the Director of Law and Governance be authorised to make the necessary amendments to the Council’s Constitution; and
(3) a review be undertaken on an annual basis at Annual Council.
Reason Key: Affects more than 2 wards;
Wards Affected: All Wards;
Other reasons / organisations consulted
Contact: Hannah Heinemann, Head of Service - Commercial and Programme Management Email: email@example.com.
Report author: Hannah Heinemann
Publication date: 09/10/2018
Date of decision: 09/10/2018
Decided at meeting: 09/10/2018 - Cabinet