COUNCIL chiefs are being recommended to acquire another property in Warrington as part of the long term objective of becoming financially sustainable.
A report on the proposal will be presented to Warrington Borough Council’s cabinet on Monday by deputy leader of the council Cathy Mitchell.
Details of the property are not revealed – but officers are recommending the purchase go ahead.
The report says the council has already made a number of high-profile and successful property acquisition. But there remain ongoing reasons to seek further opportunities.
This will provide property ownership within the borough and a future regeneration and economic growth opportunity, enable the council’s ambition to become financially sustainable through longer-term planning and assist in sustaining the target for property income.
Officers believe reports and advice from external consultants provide assurance the acquisition is a prudent investment for the council.
Funding for the purchase will be from prudential borrowing.
Potential risks – such as the ability of a tenant to pay the rent and property outdoings – are reported separately and will be considered by the cabinet in private.
2 Comments
Where to begin?
1. Councils have been explicitly advised by central government NOT to borrow money purely to generate revenue
2. That weaselly comment about external advisers is surely code for ‘if this all goes belly up we can blame somebody else’
3. These investments have been clouded in so much secrecy that people are justified in questioning their wisdom. WBC isn’t a private corporation, it’s a public body, accountable to the people of this town
Warrington Councillors should be made Accountable for there Spending.