33 Brokerage services to other public sector organisations
Report of Chief Executive
Lead Cabinet member: Councillor Holt
Exempt information reason 3 - Information relating to the financial or business affairs of any particular person (including the authority holding that information).
Decision:
(Key decision):
(1) To delegate authority to the Chief Executive Officer, in consultation with the Assistant Director of Legal and Democratic Services, the Chief Finance Officer and the Portfolio Holder for Finance to undertake further work and detailed due diligence to establish a suitable vehicle to provide investment brokerage for public sector schemes.
(2) To approve General Fund budget allocation of up to £40k for external finance and legal costs associated with the detailed due diligence work.
Minutes:
The Cabinet considered the exempt report of the Chief Executive regarding the establishment of a joint venture for brokerage and development services.
Resolved (key decision):
(1) To delegate authority to the Chief Executive Officer, in consultation with the Assistant Director of Legal and Democratic Services, the Chief Finance Officer and the Portfolio Holder for Finance to undertake further work and detailed due diligence to establish a suitable vehicle to provide investment brokerage for public sector schemes.
(2) To approve General Fund budget allocation of up to £40k for external finance and legal costs associated with the detailed due diligence work.
Reason for decision:
To enable the Council, to generate commercial revenues by brokering funding alongside development services to public sector agencies in line with section 2 of the exempt report.
Notes: (1) The report remains exempt. (2) Exempt information reason 3 – information relating to the financial or business affairs of any particular person (including the authority holding that information).