EYES ON THE MONEY

Willcox examines the strategy of city councils in England to use commercial property as an income stream as well as their risk management techniques. The term 'enterprising councils' may once have been a concept met with derision. But against a backdrop of dwindling central government funding and a funding gap in 2020 according to the Local Government Association, local authorities are being forced to explore new ways to secure investment incomes to protect frontline services. Many are rising to the challenge, and commercialisation has become firmly established in the local government lexicon. In particular, the trend towards buying commercial property such as shopping centres and offi e blocks is fast becoming a pillar of local government funding. For those that get it right, the payback can be significant.