Peterborough City Council estimates it needs to make at least a further £20m in savings over the next three years, and is looking to generate revenue from commercial activity to alleviate some of the pressure.
In the agenda published ahead of a cabinet meeting today it says: “The council has a range of experience in generating income and using commercial opportunities in order to supplement other forms of income, such as that received from the government, council tax collection and other grants.
“However, it is recognised that the situation now faced by the council requires a more fundamental shift in the way in which these activities are identified, coordinated, implemented and monitored.”
In its Commercial Strategy 2018-21, it says: “We accept that the council may need to take more risk than in recent times in order to achieve its ambitions and commercial success.”
It will increase its investment in land and property development, rental property, renewables, and schemes that increase its business rates income.
The council is looking to generate £15m to £20m of new revenue income over five to 10 years, and to deliver a minimum of £5m of new revenue income, plus £4m of capital receipts by end-March 2020.
It is also looking to make a 2% saving across its contracts per annum.
