Purpose

Approval of Proposed Asset Disposal
Strategy

Content

Decision:
The Executive approved the draft Asset Disposal
Strategy set out at Appendix 1 and noted the Equality Impact
Assessment at Appendix 2 of the report.
Reason(s):

To set out a strategy to generate
capital receipts through the sale of assets to meet the £50M
(net) target as part of the Financial Recovery Plan to reduce
Council debt to achieve a sustainable financial
position.
Other options considered and rejected by the
Executive:

1.      
Do nothing and continue to adopt a business-as-usual
approach to disposing of the Council’s surplus owned assets
without an approved Asset Disposal Strategy. This option is not
recommended as it is highly unlikely to deliver the targeted
capital receipts of £50M net by March 2027.

2.      
Proceed with the Asset Disposal programme ignoring
political, local community and any other sensitive issues along
with all operational requirements of the Council’s service
teams whilst basing any decision to dispose of an asset purely on
economic grounds. This option is not recommended due to the
inability of the Service teams to function without suitable
premises and the likely objections that this would
raise.

3.      
Proceed with the Asset Disposal programme ignoring
operational service requirements for use of selected assets. This
option is not recommended as for each impacted Service to continue
operating, it would likely result in the Council needing to fund
the purchase of alternative premises.

4.      
Proceed with the Asset Disposal programme without
first investigating any legal issues such as restrictive covenants
and planning issues which may need to be resolved prior to placing
an asset on the market. This option is not recommended due to the
risk of sales falling through and possible reputational damage to
the Council, as such encumbrances could potentially frustrate the
sale of an asset completing.
Details of any conflict of interest declared by
the Leader or lead councillors and any dispensation
granted:
None.