The Portfolio Holder for Finance, Councillor Shane Hebb, started off by saying the Cabinet and Council had supported moving forward with the investment strategy back in October 2017. Since then, it had paid off in dividends and the Council was now on course to enable self-sufficiency until 2020 and possibly into mid 2021 with the proposal as set out within the report.

Councillor Hebb drew attention to The Prudential Indicator’s headings in the appendices and said these were slightly less in number than what was presented. He went on to say that the two indicators that referred to impacts to council tax and rents were disingenuous so the two indicators could be scrapped.

Last month, Thurrock Conservatives had put forward a paper for a new Thurrock Regeneration Limited (TRL) scheme in Belmont Road in Grays, which would provide much needed housing for the future. It would enable the younger generation to buy their first home and provide a council home for a resident in need. A financial positive from TRL was that it would enable the Council to secure income from the investments made. A new recommendation to this report related to TRL was then put forward.

Councillor Hebb continued with the report stating that TRL was a unique opportunity which would deliver 1,000 homes by the end of 2022/23 with 350 being affordable and possibly council owned. 35% of these would be on the affordable housing scheme. To facilitate the delivery of 1,000 homes, an indicative lending facility of £250 million would be needed over the 5 years. This would give TFL flexibility and freedom to operate within the housing market through joint ventures.  He finished the report by saying that he hoped this policy would be supported by every party in Thurrock which was a win-win solution.

Councillor Halden congratulated Councillor Hebb on balancing the budget for the future and for accelerating a massive home building scheme. He praised Councillor Hebb’s work as great especially since the Cabinet had inherited a big deficit. The budget proposed was positive and optimistic which the Borough deserved.

Councillor Coxshall echoed the same sentiments and stated that the residents along with everyone else wanted good quality homes to live in. The Cabinet had to ensure that this was delivered and not just a vision. He felt it was important to see people putting the key into their first homes. He positively stated that a turnaround time of three to five years could be done and positive actions and strategies would see this through.

Recognising points brought up from Overview and Scrutiny Committees, Councillor Hebb said a lot of good work had been done on the strategy. He was excited to start building the 1,000 homes from next year. He went on to say that people used to move to Thurrock because of cheaper house prices but now looked past the Borough due to rising house prices. Coupled with the recent stamp duty announcement, young people would now be looking to buy again and he wanted to make Thurrock the place to play, live, stay and work.

The Leader said it was a realistic strategy and congratulated everyone who had been involved in the work done. He was proud to see that the Council was looking at a four to five year balanced budget whilst other councils were declaring bankruptcy. This balanced budget would put less strain on Officers and Thurrock Council was spending money wisely yet still delivering the same services with some providing better services.

RESOLVED:

That the Cabinet recommended that the Council:

1)    Approve the Treasury Management Strategy for 2018/19 including approval of the Annual Minimum Revenue Provision (MRP) Statement for 2018/19;

2)    Approve the adoption of the Prudential Indicators as set out in Appendix 1;

3)    Note the revised 2017/18 and 2018/19 Treasury Management projections as set out in paragraph 2.33; and

4)    That Cabinet requested a paper to be produced and brought to February’s Full Council, specifically calling for a significant acceleration of TRL’s ability and ambition – specifically achieving 1000 new homes and delivered by the end of 2022/23, 350 of which will be affordable and/or potentially council owned properties.

Reason for decision – as stated in the report.

This decision is not subject to call-in (Chapter 5, Part 1 – Article 8, paragraph 10.5).