Issue - meetings
Development of Income Generation, Regeneration and Energy Initiatives
Meeting: 08/07/2019 - Cabinet (Item 186)
The Director, Operational Services presented a report to review progress in delivering income generation activity.
Cabinet agreed an initial programme for income generation at its meeting on the 4th July 2016. This followed an analysis of the council’s financial position that identified a potential revenue funding gap of £3.5m.
The council adopted an income generation strategy in September 2017 and a commercial property investment strategy which committed the council to making available of the levels of investment for the period 2017/18 – 2020/21.
Details of the Council’s investments, asset acquisitions and income were included in the Director’s report.
Councillor Chowney proposed amending the wording of recommendation 7 to avoid misunderstanding. This was agreed.
Councillor Chowney proposed approval of the recommendations of the report, seconded by Councillor Batsford.
1. That cabinet welcome the delivery of a range of actions that are anticipated to generate income or savings for the council circa £1.3m in a full financial year.
2. That the council should continue to acquire suitable commercial properties if they meet our investment criteria when they should become available within the Hastings Travel to Work Area (TTWA).
3. That a revised and adjusted business plan for the Hastings Housing Company be presented to Cabinet before the council commits to a further programme of investment
4. That the council should consider continuing acquiring housing directly in order to reduce the costs and social impact of extended residence in B&B. The Assistant Director Housing and Built Environment be instructed to bring a separate report and business case to Cabinet if a future programme of acquisition is viable.
5. That the council continues to direct resources to explore energy generation within the borough or elsewhere both to earn income and as part of its commitment to address climate change.
6. That generating sustainable income should be a central theme underpinning the council’s major projects and its service provision.
7. That the Capital Programme be reviewed and priorities within the Capital Programme be set in order to support the financing of further investment in commercial property, housing and energy within the council’s overall means.
Reasons for the decision:
That despite challenges the council has achieved substantial income and savings with the potential for more in the future.
That it is clear that the council’s climate, housing, energy and employment creation priorities should embrace the generation of an increased sustainable income for the council wherever this is possible. Future acquisitions and development should constitute part of our capital programme delivery work of major projects.
Government policy supports investment for regeneration and economic development rather than solely income generation.
The need to address both climate change and economic growth means treating these as being closely related.