a)                 Otford Palace Tower

Councillor Fleming proposed and Councillor Searles seconded the recommendations from Cabinet.  The report outlined the immediate requirement to maintain the structural stability of the Otford Palace Tower and requested that the works be authorised with the appropriate budget allocated from the General Fund Reserve.

In response to questions Cllr. Fleming advised that the Council held a Land and Property Asset register which was updated annually.  It was not possible to obtain external funding for the immediate stabilisation works, however other sources were being investigated for future works, and with regards to possible future uses such as a tourist attraction this was a debate for another day however it was the intention to investigate self funding for the future.

Resolved:  That the allocation of  £130,699 from the General Fund Reserve for the completion of essential stabilisation works at the Otford Palace Tower, be approved.

b)                 Property Investment Strategy

Councillor Fleming proposed and Councillor Searles seconded the recommendations from Cabinet.  The report sought additional funding to enable further property acquisitions to help ensure that the Council remained in a financially sustainable position going forwards.  Cllr. Fleming clarified that this was providing an opportunity to borrow should an appropriate investment scheme come forward.  In response to questions he reported that it was the intention to always have a mixed investment portfolio, at the moment there had been no borrowing and were trying to reduce any risk to the Council or residents, however the risk of doing nothing was greater.  The expectation was a 6% return and this was already being achieved from two of the three investments made so far.

Resolved:  That

a)        a further £10m for the Property Investment Strategy be set aside from borrowing; and

b)        the Amendment to the Treasury Management Strategy 2015/16, be approved.