The Council’s challenging financial position requires it to review its assets regularly and only hold those assets in its ownership that are vital for service provision. By increasing or bringing forward asset sales, further financial savings can be achieved within the Council’s annual budget by using the capital receipts achieved to repay the Council’s outstanding borrowing which in turn reduces its annual debt charges.
This report provides an update on progress on asset disposals against the tranche 1 & 2 schedule of properties as listed in the approved May and December 2023 Cabinet report. Part B of this report sets out the financial details in relation progress of sales to date and also tranche 3 details.
The report goes on to seek approval to dispose of tranche 3 of properties as listed in this report. Part B of this report sets out the estimates sales and book values of the sites in question.
Decision type: Key
Reason Key: Expenditure > £1,000,000;
Decision status: Recommendations Approved
Wards affected: (All Wards);
Notice of proposed decision first published: 30/08/2024
Anticipated restriction: Part exempt - View reasons
Explanation of anticipated restriction:
Exempt under paragraph 3 of Schedule 12A of the Local Government Act 1972 as it relates to the financial or business affairs of any particular person (including the authority holding that information) and the public interest in withholding disclosure outweighs the public interest in disclosure
Decision due: 20 Nov 2024 by Cabinet
Lead member: Cabinet Member for Finance
Lead director: Corporate Director of Resources (Section 151)
Department: Resources Directorate
Contact: Huw Rhys-Lewis, Interim Director of Commercial Investment and Capital Email: huw.rhys-lewis@croydon.gov.uk Email: huw.rhys-lewis@croydon.gov.uk.