Issue - meetings

The Executive Member for Financial Sustainability presented the Millstream 30 Year Business Plan 2024/25 report. He said that the council’s property investment company had now been operating for six years and it provided an income of £160,000 a year to the council which was built into the budget and reduces need for savings. He explained that there had been significant national regulations that had restricted the company in its aims.

One of the Directors of Millstream spoke to the meeting. He said that Millstream owned 18 properties in East Herts with rents typically at the entry level of the private rent market. He said any works carried out to the properties were done by local contractors which in turn helped the local economy. He said that the 2024/25 business plan show the company was in a sound position to provide the income to the council.

 Councillor Brittain proposed that the recommendation in the report be supported. Councillor Swainston seconded the proposal.

Councillor Williamson said that when the company was set up, it was an exciting project, and it was disappointing that external constraints had been put on the company and could not expand its operations. He said however, it was rewarding to hear it was still bringing in revenue to the council.

Councillor Wyllie asked why documents were showing as outstanding on Companies House.

The Director of Millstream said he would take that away and investigate immediately as the paperwork had been completed.

Councillor Deering said that the company had been set up under the previous administration and was pleased to see it being maintained and making a welcome contribution to the council.

The motion to support the recommendation having been proposed and seconded was put to the meeting and upon a vote being taken, was declared CARRIED.

RESOLVED - That Millstream Property Investment Ltd’s 2024/25 30 Year Business Plan, presented in the EXEMPT Appendix A, be approved