Agenda, decisions and draft minutes

To receive any apologies for absence.

Apologies were received from Cllr Mike Rigby (in attendance online), and Cllr Richard Wilkins (Cllr Theo Butt Philip as substitute).

To approve the minutes from the previous meeting.

The minutes were agreed as an accurate record of the meeting and signed by the chair.

To receive and note any declarations of interests in respect of any matters included on the agenda for consideration at this meeting.

(The other registrable interests of Councillors of Somerset Council, arising from membership of City, Town or Parish Councils and other Local Authorities will automatically be recorded in the minutes: City, Town & Parish Twin Hatters - Somerset Councillors 2023 )

The following declarations of interest were automatically recorded:

Cllr Theo Butt Philip – Wells City Council

The Chair to advise the Committee of any items on which members of the public have requested to speak and advise those members of the public present of the details of the Council’s public participation scheme.

For those members of the public who have submitted any questions or statements, please note, a three-minute time limit applies to each speaker and you will be asked to speak before Councillors debate the issue.

We are now live webcasting most of our committee meetings and you are welcome to view and listen to the discussion. The link to each webcast will be available on the meeting webpage, please see details under ‘click here to join online meeting’.

There were no public questions received by the submission deadline.

The Property and Investments Executive Sub-Committee:

a)    Considered the performance indicators for the asset management of the Commercial Investment Portfolio for Q1 2024/2025 as shown in Tables 1, 2 and 3 of the report.

b)    Considered the main risks to the programme set out under paragraph 13 of the report.

At the invitation of the Chair, Robert Orrett, Head of Commercial Investment, introduced the report. He highlighted the KPIs used, including void measures and rent arrears, and changes to KPIs based on feedback at the previous meeting. He explained the targets for voids and rent arrears, the estimate of total disposal value to be delivered this year and the progress towards meeting that, and the timeline and process for disposals.

The Chair invited comments from Sub-Committee members and other members present, with officers providing responses as appropriate. Points raised included: the central government budget; the importance of the £50m target for balancing the budget; the approval needed for the capitalisation direction; planning and strategy to secure economic growth; whether any funding above the £50m target could be used to pay loans and why this was not possible.

Having been duly proposed and seconded, the Property and Investments Executive Sub-Committee:

a)    Considered the performance indicators for the asset management of the Commercial Investment Portfolio for Q1 2024/2025 as shown in Tables 1, 2 and 3 of the report.

b)    Considered the main risks to the programme set out under paragraph 13 of the report.

Having been duly proposed and seconded, the Property and Investments Executive Sub-Committee:

a.    Passed a resolution under Schedule 12A of the Local Government Act 1972 to exclude the press and public from the meeting, on the basis that if they were present during the business to be transacted there would be a likelihood of disclosure of exempt information, within the meaning of Schedule 12A to the Local Government Act 1972: Reason: Information relating to the financial or business affairs of any particular person (including the authority holding that information).

b.    Approved the recommendations set out in the confidential appendix A.

c.     Delegated authority to make all necessary arrangements and agreements to conclude the sales by the 31 March 2025 to the Executive Director for Resources, Strategy and Transformation in consultation with the Lead Member for Economic Development, Planning and Asset.

The sub-committee proceeded to discuss this confidential item with officers providing responses as appropriate.

Having been duly proposed and seconded, the Property and Investments Executive Sub-Committee:

a.    Passed a resolution under Schedule 12A of the Local Government Act 1972 to exclude the press and public from the meeting, on the basis that if they were present during the business to be transacted there would be a likelihood of disclosure of exempt information, within the meaning of Schedule 12A to the Local Government Act 1972: Reason: Information relating to the financial or business affairs of any particular person (including the authority holding that information).

b.    Approved the recommendations set out in the confidential appendix A.

c.     Delegated authority to make all necessary arrangements and agreements to conclude the sales by the 31 March 2025 to the Executive Director for Resources, Strategy and Transformation in consultation with the Lead Member for Economic Development, Planning and Asset.

Having been duly proposed and seconded, the Property and Investments Executive Subcommittee:

a)    Agreed that this report be treated in confidence, as the case for the public interest in maintaining the exemption outweighs the public interest in disclosing that information.

b)    Agreed to exclude the press and public from the meeting where there is any discussion at the meeting regarding this report and the exempt or confidential information contained.

c)    Agreed the confidential recommendation in the report.

The sub-committee proceeded to discuss this confidential item with officers providing responses as appropriate.

Having been duly proposed and seconded, the Property and Investments Executive Subcommittee:

a)    Agreed that this report be treated in confidence, as the case for the public interest in maintaining the exemption outweighs the public interest in disclosing that information.

b)    Agreed to exclude the press and public from the meeting where there is any discussion at the meeting regarding this report and the exempt or confidential information contained.

c)    Agreed the confidential recommendation in the report.