Apologies were received for Councillors Green and Jefferies.

To approve the minutes of the meeting held on the 2 July 2024.

Minutes for the meeting held on the 2 July 2024 were approved as an accurate record of the meeting.

To receive additional items that the Chair is of the opinion should be considered as a matter of urgency, in accordance with Section 100B (4) (b) of the Local Government Act 1972.

There were no urgent items of business.

There were no declarations of interest, however members raised concerns regarding the purpose of the panel and whether it is good use of officer and members’ time.

The Chief Financial Officer S.151 added this may be a good time to review where things can be viewed in the public domain. Adding that majority of the relevant items for this agenda including Asset Disposal are heard at Cabinet and this is a better route for this item advising the panel to consider whether this has naturally come to an end.

Members were advised that the draft financial strategy will go to Cabinet in December and the proposals will go to Full Council. Adding that there isn’t a full update available at this time.

The Chief Financial Officer S151 advised the MTFS will be published next week and based on this year’s budget. Members queried the investment strategy and were informed that internally there is a four-year forecast. Asset Disposals also have a plan over the next four years. Divestments are planned over a six-year period.

Members queried whether there was an accurate summary on quarter two disposals. The Chief Financial Officer S.151 advised this was to do with timing not ability and a full report will be ready for Cabinet. Unfortunately, the Investment Advisory Panel sits in-between the time frame of when the reports will be ready for other meetings.

Members expressed concerns that since going into intervention there still appears to be a struggle to get precise details in reports and when information is received the timing is out of sync with this panel. Often reports end up going to different committees or Cabinet.

Members added that Thameside was not sold off therefore this will affect the budget. The Chief Financial Officer s.151 confirmed this will be included in the budget and they will make sure they have plans in place for April 2025.

Members added that the timelines were out of kilter and if they were to receive written reports, they would be able to scrutinise more effectively. Advising that something like a bulletin when issues arise in-between meetings, to all councillors with updates could potentially be better use of time.

The Programme Director- Asset Disposals provided a snapshot of the five-year forecast to members. Advising that the team were doing their due diligence for over 200 properties.

Members were advised that they have a total of £9.914m approved and prepared for marketing. They have a total of £685k ready for auctions in January 2025. They also have properties of a total valued at 4.5m currently on the market.

It was confirmed that they have a dedicated team working with external agents to market assets. They also have consultancy providing technical surveys, due diligence, and valuations.

Members queried whether the land on Hogg Lane was still available to the council, as this was previously being looked at as potential site to build a hospital. The Programme Director- Asset Disposals advised there had been some enquiries regarding this, agreeing to check what stage this was at and feedback to members.

Members queried what mechanisms are in place to handle reduced property prices in areas that are considered “less attractive” on the market. It was confirmed they have a very experienced team with advisors that review their methodology in marketing. The Programme Director- Asset Disposals added that where a property has had a drastic decrease they would consider not selling and potentially using this for a local business instead. This would be subject to scrutiny, change and financial strategy that goes through Cabinet and forms part of disposal.

Members added that councillors are entitled to see exempt papers particularly if it relates to assets being sold in their ward. The Programme Director- Asset Disposals added that they aim to be transparent as possible. Properties are not exempt form Cabinet reports; however, valuation and advisory prices are exempt.

The Chair acknowledged the report will go to Cabinet in March 2025 and queried how the report will differ. It was confirmed it will include financial figures, what they are doing to improve, where they may be behind or ahead and what they will do about it.

The Programme Director- Asset Disposals added that if members want to know about specific properties, they should contact the team directly.

Exclusion of the Public and Press Members are asked to consider whether the press and public should be excluded from the meeting during consideration of an agenda item on the grounds that it involves the likely disclosure of exempt information as specified in Part I of Schedule 12A of the Local Government Act 1972 or it being confidential for the purposes of Section 100A (2) of that Act. In each case, Members are asked to decide whether, in all the circumstances, the public interest in maintaining the exemption (and discussing the matter in private) outweighs the public interest in disclosing the information.

This item was held in a closed session.

The Chair went through the work programme. Members agreed to move the investment portfolio update to the meeting in March 2025.

Members and officers agreed if anything comes up that a call-in can be arranged informally.

Members agreed to add committee purpose to the March meeting to discuss whether they should continue with the panel.