Decision details

Received a report seeking approval to a corporate policy for the disposal of Council assets at less than best consideration in accordance with the provisions of the General Disposal Consent (England) 2003.

Agreed, in order to assist the Council in achieving its Community Priorities of ‘Regenerating the Local Economy’ and ‘Improving Health, Housing and Social Care’, to adopt a policy for the disposal of assets at undervalue as follows:

1.  That the general rule is that capital receipts should be accepted on disposal of assets;

2.  Where there is a proposal to forego part or all of a capital receipt, the sponsor shall provide the justification for adopting its course and the proposal should be subject to an appraisal challenge.  This is in line with the previous approval by the Executive in support of regeneration for the Barking Town Centre and Thames View Estate.  The appraisal challenge will include a financial assessment of the impact of disposing of the asset on both the existing Capital Programme and the Council’s Medium Term Financial Strategy; and

3.  That the decision to accept capital receipts or alternative benefits be reserved to the Executive.