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.

That the Council be recommended to approve the revised Investment Fund Strategy, including the additional £50m for the Investment Fund (making a total of £100m) to be funded from prudential borrowing (when required), set out in Appendix 1 to the submitted report.

To review the Investment Fund Strategy and the level of the Investment Fund in light of current investments funded through the Investment Fund in line with the recommendation from the Investment Committee.

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The recommendations of the Mayor will be considered at the Council meeting on 20 July 2017.

At the meeting of Council held on 6 April 2017 Members approved a revised Investment Fund Strategy.  This was to ensure that there was the greatest opportunity to maximise benefits income, diversify investments and spread risks.

The Investment Committee has further reviewed the Investment Fund Strategy and has recommended a few minor changes to the Strategy in light of lessons learned on previous investments.

The Mayor considered the recommendation of the Policy Development and Decision Group made on 28 June 2017 and published his decision on 3 July 2017.  The Mayor has subsequently received an update on the investments made using the Investment Fund and has reconsidered his original decision to maintain the level of the Investment Fund at £50m.  His revised decision is set out above.

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