Issue - meetings

Asset Disposals and Capital Receipts Generated 2012/13 - 2014/15

Meeting: 15/07/2015 - Audit Committee (Item 24)

24 Asset Disposals and Capital Receipts Generated 2012/13 - 2014/15 pdf icon PDF 52 KB

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That the report be noted.


The Chief Officer (Organisational Change) presented information regarding the disposal of assets during the period 2012/13-2014/15 and the capital receipts generated.  He referred to a fall in the level of capital receipts in the current economic climate and work being carried out to protect this key resource.  It was important that capital receipts were not ringfenced - an approach adopted some years ago - to allow use across the Council’s strategic programme of activity.  Appended to the report were details of targets and actual capital receipts generated over the period banded by values, area and asset types.  At February 2015, it was anticipated that capital receipts for 2015/16 would be in the region of £2.8m.


Councillor Alison Halford asked if information could be broken down into each sale to give assurance on value for money.  The Chief Officer explained that the information provided had been specifically anonymised as some were not yet available in the public domain.  He said that the Council’s Valuation Service considered each case in detail and often sought independent secondary advice on asset values from the District Valuer as a further measure.  It was clarified that local Members were able to request confidential information on asset disposals in their areas.


In addition, Councillor Ian Roberts gave a reminder that the consent of local Members was sought on the sale of land in their wards.


Councillor Halford referred to the difference between predicted and actual capital receipts generated in 2014/15 and felt that more information should be made available in the interests of transparency.  The Chief Officer explained that the outcome of sales depended on the movement of the market and the ability of those involved to complete the sale transaction.  He added that the figures mainly covered agricultural estates and that the receipts put the Council in a positive position to fund its capital priorities.


In response to further comments, the Chief Officer (Governance) reiterated that Members were entitled to request details of land sales for their areas but that confidentiality would need to be maintained to avoid prejudicing future land sales.


As assurance to the Committee, the Chief Executive said it was the responsibility of the Council’s Assets Board, which included the Cabinet Member for Environment, to scrutinise the value of assets released and that the completed sale of two assets earlier than predicted had resulted in the target for 2014/15 being exceeded.


Mr. Paul Williams felt that the information provided did not contain enough detail for the Committee to determine value for money.  Whilst acknowledging the confidential nature of the matter, he suggested that this could be maintained by the schedule indicating categories such as ‘Property A’, and giving details of value, sale amount and cost savings.


The Chairman said that the report would be received on an annual basis by the Committee.


As a member of the Assets Board, the Cabinet Member for Environment, who was present in the public gallery, gave assurance that a check and balance was in place for every  ...  view the full minutes text for item 24