That the Council be recommended:

(i)       that the Investment Fund be increased by £40 million to a total of £50 million to be initially funded by prudential borrowing, with the revenue costs associated with that borrowing (MRP and interest costs) to be funded from the investment returns or higher NNDR income;

(ii)      that the Investment Strategy for the fund as detailed within Appendix 1 be approved;

(iii)      that, subject to the deletion of 7.4(a) so as to require all decisions on allocations from the Investment Fund to be approved by the Council, the governance of fund as detailed within paragraph 7.4 be approved; and

(iv)     that the Chief Executive be delegated authority to set up a delivery team including sourcing external support if required, to be funded from the investment returns.