Venue: King Edmund Chamber, Endeavour House, 8 Russell Road, Ipswich. View directions
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DECLARATION OF INTERESTS Minutes: 1.1 Councillor John Hinton declared an Other Registerable Interest as Director of BDC (Suffolk Holdings) Ltd. However, the Monitoring Officer granted him dispensation. |
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JOS/22/1 TO CONFIRM THE MINUTES OF THE MEETING HELD ON 25 APRIL 2022 PDF 239 KB Minutes: It was RESOLVED: -
That the minutes of the meeting held on the 25 of April 2022 be confirmed as true record.
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TO RECEIVE NOTIFICATION OF PETITIONS IN ACCORDANCE WITH THE COUNCIL'S PETITION SCHEME Minutes: None received. |
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QUESTIONS BY THE PUBLIC To consider questions from and provide answers to members of the public on any matter in relation to which the Committee has powers or duties and of which due notice has been given in accordance with the Committee and Sub-Committee Procedures Rules. Minutes: None received. |
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QUESTIONS BY COUNCILLORS To consider questions from and provide answers to Councillors on any matter in relation to which the Committee has powers or duties and of which due notice has been given in accordance with the Committee and Sub-Committee Procedure Rules. Minutes: None received. |
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Councillor David Busby Babergh - Cabinet Member for Finance, Assets and Investments and Chair of Babergh (Suffolk Holdings) Ltd.
Councillor Peter Gould - Mid Suffolk Cabinet Member for Assets and Investments
The Assistant Director – Assets and Investments will provide Members with a presentation for CIFCO Trading and Performance Reporting. Additional documents:
Minutes: 6.1 Councillor David Busby introduced the report to the Committee including outlining that the value of the portfolio had risen over the previous year, that there had been greater investment in improving sustainability of the properties within the portfolio, and that the councils had received £3.75 million in income over the previous year.
6.2 The Director - Assets and Investments and Christopher Haworth presented a summary of the Business Plan to Members including the purpose of the Business Plan, the split of the portfolio between sectors, the Key Performance Indicators (KPI) for the next year, the Councils income for the previous year, and refurbishment that had been undertaken in properties over the last year.
6.3 Councillor Grandon questioned whether, in a changed marketplace following the pandemic, the balance of the portfolio was suitable going forward. Christopher Haworth responded that whilst the retail sector had struggled, retail warehousing had a rise in demand. Also, there had still been a demand for office space despite the rise in working from home. Neville Pritchard added that as the portfolio was balanced, where one sector may be in decline it was balanced out by other sectors.
6.4 Councillor Muller queried how arrears were dealt with. The Director for Assets and Investment responded that tenant engagement had been the most effective method, when dealing with arrears, as it gave reminders to the tenant and allowed for the set up of payment plans where necessary. In cases where this had not worked other methods, such as bailiffs, had been used.
6.5 Councillor Scarff questioned what the equivalent yield had been based on. The Director - Assets and Investments responded that it was a benchmark that had been used across the industry and reflected market conditions.
6.6 Councillor Barrett questioned whether CIFCO had been using grants and additional funding for sustainability updates. The Director for Assets and Investment responded that where possible external funding would be used, options such as solar panels that gave a return would also be considered.
6.7 Members asked questions on the improvements to EPC (Energy Performance Certificate) ratings of properties and how these would be achieved, whether tenants’ needs were considered during the improvement process, and whether there were short term targets ahead of the 2027 goal. The Director for Assets and Investments responded to these questions stating that there was currently £50,000 allocated in the budgets for improvements, and when tenants carried out their own refurbishments, suggestions were made by CIFCO on ways that sustainability could be improved. Additionally, EPC assessors took tenants needs into account when suggesting improvements. Lastly whilst there were no intermediate targets for improvements, progress would be monitored annually.
6.8 Councillor Welham questioned why the interest paid was different for both Councils. The Director - Assets and Investment responded that due to the different borrowing strategies of the Councils there were different interest rates, therefore the cost of debt was different.
6.9 Members debated whether the Business Plan should continue to be reported to Full Council following ... view the full minutes text for item 6.
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JOS/22/3 OVERVIEW AND SCRUTINY COMMITTEE ACTION TRACKER PDF 77 KB To note the Action Tracker. Minutes: The Overview and Scrutiny Committee Action Tracker was noted. |
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JOS/22/4 FORTHCOMING DECISIONS LIST To review the Council’s Forthcoming Decisions List and identify any items to be brought before the Overview and Scrutiny Committee.
Please note the most up to date version can be found via the Website: Forthcoming Decisions List » Babergh Mid Suffolk Minutes: The Forthcoming Decisions List was noted. |
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JOS/22/5 BABERGH OVERVIEW AND SCRUTINY WORK PLAN PDF 146 KB To agree the Work Plan Minutes: The Babergh Overview and Scrutiny Work Plan was noted. |
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JOS/22/6 MID SUFFOLK OVERVIEW AND SCRUTINY WORK PLAN PDF 146 KB To agree the Work Plan Minutes: The Mid Suffolk Overview and Scrutiny Work Plan was noted. |
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RESOLUTION TO EXCLUDE THE PUBLIC (WHICH TERM INCLUDES THE PRESS) To consider, whether, pursuant to Part 1 of Schedule 12A of the Local Government Act 1972 the public be excluded from the meeting for the business specified below on the grounds that if the public were present during this item, it is likely that there would be the disclosure to them of exempt information as indicated against theitem. The authors of the report propose to be considered in Part 2 of the Agenda are satisfied that the public interest in maintaining the exemption outweighs the public interest in disclosing the information. PART 2 MATTERS TO BE CONSIDERED WITH THE PRESS AND PUBLIC EXCLUDED
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JOS/22/2 CONFIDENTIAL APPENDIX C - CIFCO CAPITAL LTD BUSINESS AND INVESTMENT PLAN 2022-23 Including: Confidential CIFCO Capital Limited Annual Report and Financial Statements For The Year Ended 31 March 2022.
Additional documents:
Minutes: Note: Members’ questions and debate did not necessitate that the meeting went into closed session. |