We own approximately 5,000 property interests, valued for financial accounting purposes at over £600m. The annual running costs are substantial and only partly offset by the income generated through third party lettings.
It is vital that we have a focused and up to date asset strategy in order to:
- Support frontline service delivery.
- Realise financial value.
- Contribute to the borough's economic well-being.
- Manage risks and liabilities.
- Manage expectations and provide a framework for activities.
The Asset Strategy seeks to articulate the reasons why the council holds property. It recommends the overall direction of travel for property management activity and provides a clear framework of objectives to support decisions affecting the management of assets. Finally, it identifies a series of workstreams and actions designed to develop the property portfolio and its contribution to council objectives during the next 3 years.
Scope of the strategy
- This strategy provides a governance framework for the whole portfolio of land and building assets held by us.
- Regard is given to the established approach of Schools Service in producing its own service-specific asset management plan.
- Highways Assets are also separately considered.
- The importance of data in ensuring informed decision-making is also recognised. A description of the council's current capability and future objectives is included.