To undertake a review of the Council’s Investment Strategy taking into account best practice from other local authorities and reflecting on lessons learned following a recent investment decision to ensure the Council is able to make best use of its Investment Fund.

(i)         That the Council be recommended to approve the high level Investment and Regeneration Fund Strategy set out at Appendix 1 to the submitted report.

(ii)        That the Director of Corporate Services and Operations, in consultation with the Elected Mayor, Head of Finance and Chairman of the Investment Committee, be given delegated authority to approve the Investment and Regeneration Fund Strategy Operational Policy (this document will not form part of the Council’s Policy Framework as it is an operational policy).

(iii)       That Council be recommended that the Investment Committee be renamed to Investment and Regeneration Committee.

To recommend the revised Torbay Investment and Regeneration Fund Strategy to Council.

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The Elected Mayor’s recommendations will be considered at the Council meeting on 22 February 2018.

The Director of Corporate Services and Operations has undertaken a review of the Investment Fund Strategy to ensure that it is a high level strategy and incorporates regenerations investments, and it is proposed that an operational policy is developed alongside setting out practical implementation of the Strategy.  The revised Investment and Regeneration Fund Strategy was reviewed by the Investment Committee on 20 February 2018 and they recommended the Elected Mayor/Council approve the revised Investment and Regeneration Fund Strategy as set out at Appendix 1 to the submitted report.

The Elected Mayor has reviewed the revised Investment and Regeneration Fund Strategy and is proposing that the Council approves the document set out at Appendix 1 to submitted report.  This will enable both income generating investments and local regeneration investments in Torbay to be made within the Investment and Regeneration Fund, a Fund which enables the Council to borrow up to £200m to spend on investments to generate income for the Council and enable the Council to bring forward regeneration opportunities where no other funding streams are available.  It is intended, in exceptional circumstances and with the agreement of the Head of Finance following consideration of the overall financial position of the Council, that surplus income generated through the regeneration investments made using the Fund will be used to offset any loss making regeneration investments that will have a wider economic benefit to Torbay both in terms of job creation and increase in business rates income for the Council. 

The Investment and Regeneration Fund Strategy is a Policy Framework document which requires full Council approval.

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