WARRINGTON Borough Council has been shortlisted for a new national award for its innovative investment programme, which is helping drive the borough’s growth.
Along with four other organisations, the council is in the running for the “Investment Strategy of the Year” title in the first-ever Public Finance Innovation Awards.
The awards recognise excellence and originality within the public sector and Warrington has been nominated for its focus on developing a strong, sustainable and ethical commercial model, which is supporting the local economy and helping mitigate the impact of local government cuts.
Cllr Russ Bowden, lead member for corporate finance, said: “As councils come under increasing financial pressure in this period of austerity, it’s vital that we take steps to protect our future. That means being creative, doing things differently and finding innovative ways to invest.
“Our commercial investment model is enjoying considerable success, with a number of projects delivering a positive financial return for the council. This, in turn, provides vital revenue to the council which we can use to protect essential services.
“Just as importantly, our investments are ethical. We carefully manage risk and strive to ensure that our gains arise from supporting and not exploiting our environment.
“I’m delighted that the work we are doing here in Warrington continues to be recognised at a national level.”
Judges were impressed by a range of council projects, including investment in ethical, green and “clean tech” energy schemes.
Warrington has teamed up with Newham and Thurrock councils and the British Museum in a £60 million bond investment in one of the UK’s largest solar farms in Swindon.
Expected to deliver £1 million in returns every year for Warrington – which can be ploughed back into council services, the deal also sees the council taking a leading role in investing in technology which protects the environment.
The council has also invested £5 million in installing solar panels on 3,000 affordable homes, which has generated a financial return for the council while reducing household fuel bills.
Meanwhile, investment in Warrington’s local community energy company, is delivering a commercial rate of interest while reducing fuel poverty within the borough.
Also highlighted is the council’s work to develop the Local Authority Mortgage Scheme, helping hundreds of Warrington people to get on the housing ladder, and the provision of large loans to housing association partners, enabling them to build desperately needed homes.
Future projects include a £30 million council investment in a “Challenger” business bank, which aims to support local businesses and generate a return for the council; setting up a Local Authority Investment Fund and establishing a Housing Investment Company.
The inaugural Public Finance Innovation Awards will take place on Thursday April 20 in London.
More details: www.publicfinanceawards.co.uk/
Council shortlisted for new innovation award
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