Mansfield council plans to spend within district

Mansfield District Council's Civic Centre headquarters.
Mansfield District Council's Civic Centre headquarters.

Mansfield District Council is set to prioritise investment within the district in a new strategy.

The aim is to generate additional income as the authority faces year-on-year cuts in its funding from central Government.

However, the previous strategy attracted widespread criticism for not investing the borrowed cash locally, after it emerged the council had purchased hotels in Edinburgh and Doncaster and a leisure centre in Manchester.

Under the new strategy, which the authority’s governance and ethics committee has recommended the council approves at its next full meeting, “preference” would be given to Mansfield opportunities.

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In a pre-meeting report to committee members, Dawn Edwards, council head of finance, said: “As a result of reduced government grants being to local authorities, councils have been required to explore new and different opportunities to fund the cost of delivering services.

“In order to address the budget deficit, the council has looked at opportunities to generate additional income in addition to implementing savings and efficiencies.

“Like many other authorities, the council is investing in activities outside the traditional banking activities to generate on-going revenue income streams, namely investments in financial assets.”

A council spokeswoman said: “The strategy sets the direction of the council when identifying potential commercial property investments and, if approved by the council, would give preference to potential investment opportunities which are within the district. However, it may also give careful consideration to commercial investment properties outside the area if they directly benefit residents or meet corporate objectives by being green, ethical or sustainable.”

The meeting is on November 19.

READ MORE: More council cash to be invested outside Mansfield