Decision details

Warwickshire Recovery and Investment Fund - Business Plan

Decision Maker: Cabinet

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: No

Purpose:

A report that seeks Cabinet approval for the WRIF Business Plan.

Decision:

Resolved:

 

That Cabinet:

 

1. Recommends to Council that £130 million be added to the Council’s 2021-26 capital programme for the Warwickshire Recovery and Investment Fund (WRIF) to deliver the WRIF Business Plan as set out    at Appendix 1;

 

2. That, subject to Council approving the Council Treasury Management and Investment Strategies, and the addition to the Capital programme endorsed at Recommendation 1, Cabinet:

 

a) Approves the WRIF Business Plan 2021/22 at Appendix 1;

 

b) Approves the WRIF Investment Strategy at Appendix 2;

 

c) Agrees to fund the net cost of the WRIF in 2021/22, estimated to be £262,000, from the Commercial Risk Reserve, and requires the funding to be replenished as the first call on any WRIF surplus in the following financial years;

 

d) Agrees to fund the remaining set-up costs and the cost of the procurement of the external fund managers, of £240,000 from the Economic Growth and Place Shaping Fund;

 

e) Agrees to establish the WRIF governance arrangements, as described at section 5 of this report and authorises the Strategic Director for Communities (as Chair of the Investment Panel) in consultation with the Deputy Leader (Finance and Property) to take such urgent exit decisions as he considers necessary (as detailed in paragraph 4.13 of the Business Plan);

 

f) Authorises the Strategic Director for Communities to commence the

procurement for the appointment of external fund managers and to award all necessary contract(s) on terms and conditions considered acceptable to the Strategic Director for Resources;

 

g) Authorises the Strategic Director for Resources to put in place the necessary anti money laundering arrangements, including the designation of relevant officers to fulfil the required roles;

 

h) Authorises the Strategic Director for Resources to finalise all necessary legal documentation for the WRIF on terms and conditions considered acceptable to him and take any such steps he considers necessary to establish and launch the WRIF;

 

i) Authorises the Strategic Director for Communities to finalise the Prospectus and Communications plan, making changes as necessary to future versions of these, taking account of the comments and recommendations of Cabinet; and

 

3. That Cabinet considers and has regard to the comments and recommendations of the Resources and Fire and Rescue Overview and Scrutiny Committee from its meeting on 27th May as set out in paragraph 8 of this report.

Report author: Reece Bowman

Publication date: 18/06/2021

Date of decision: 17/06/2021

Decided at meeting: 17/06/2021 - Cabinet

Accompanying Documents: