Issue - meetings

To consider the report.

Following consideration of the officer report, appendices and discussion, the Executive noted and approved the decision of the Leader of Council to establish a Property and Investments Executive Sub-Committee with the Terms of Reference set out in Appendix 1 of the report, with effect from 9 November 2023.    

ALTERNATIVE OPTIONS CONSIDERED: As set out in the officer report

REASON FOR DECISION: As set out in the officer report

The Leader of the Council and Lead Member for Governance and Communications, Cllr Bill Revans, introduced the report, and invited the Monitoring Officer, David Clark, to present the report.

The Monitoring Officer, David Clark, proceeded to present the report, highlighting; the details of the proposed sub-committee and the key step in the management of the disposal of the Council’s commercial investment portfolio; that Somerset Council had inherited a portfolio of commercial investments from the predecessor District Councils, and that with the current economic climate, and in the light of the financial pressures, the proper management of these investments pending any disposal is crucial to the financial wellbeing of the Council.

The Leader of the Council and Lead Member for Governance and Communications, Cllr Bill Revans, invited comments from other Members present, questions and points raised included: the sub-committee governance process and the importance of collective wisdom and transparency of decisions; the planned disposals over a period of time; and the long programme of work and the use of external professional advice and internal skills, experience and expertise.

The Executive proceeded to vote on the recommendations, which were agreed unanimously.?

Following consideration of the officer report, appendices and discussion, the Executive noted and approved the decision of the Leader of the Council to establish a Property and Investments Executive Sub-Committee with the Terms of Reference set out in Appendix 1 of the report, with effect from 9 November 2023.  

ALTERNATIVE OPTIONS CONSIDERED: As set out in the officer report

REASON FOR DECISION: As set out in the officer report