Selling off more family silver

Council finance officers have managed to blow the lid off the corporate spin about Swansea forging ahead in the face of recession. According to the Corporate Asset Management Plan to be debated by councillors next Thursday, development in the city has virtually stalled and there is a warning of less money from the sale of public assets.

The detailed report states: “many city centre regeneration schemes have been abandoned or postponed as developers have found it impossible to secure tenants and raise funding for schemes.”

The proposed answer by Lib Dem finance cabinet member Stuart Rice is to beef up the disposal programme with a “universal review” of assets which can be sold off. The review will look at where services are provided and suggest merging depots & offices to enable properties to be declared surplus.

An appendix to the report lists ‘operational properties’ worth £609 million but the report warns that “timing of disposals will need to reflect market conditions.”