Issue - meetings
PROPERTY PORTFOLIO RENT ARREARS AND WRITE OFFS
Meeting: 22/06/2022 - Pensions Committee (Item 15)
PROPERTY PORTFOLIO RENT ARREARS AND WRITE OFFS - EXEMPT APPENDIX
Additional documents:
Minutes:
Resolved –
That the exempt appendix for the Property Portfolio Rent Arrears and Write Offs be noted.
Meeting: 22/06/2022 - Pensions Committee (Item 13)
PROPERTY PORTFOLIO RENT ARREARS AND WRITE OFFS
Additional documents:
- PROPERTY PORTFOLIO RENT ARREARS AND WRITE OFFS, item 13 PDF 202 KB
- Enc. 1 for PROPERTY PORTFOLIO RENT ARREARS AND WRITE OFFS
- Webcast for PROPERTY PORTFOLIO RENT ARREARS AND WRITE OFFS
Minutes:
The Director of Pensions presented his report which requested that Members agree to the write off of £844,480.25 of irrecoverable rent arrears from the Fund’s property portfolio. The annual property rental income for 2021/22 was £32.1 million.
In answer to Members’ questions, it was clarified that even though the Fund would be a creditor where a company goes into liquidation, any amount recovered was likely to be a small proportion of the total so a write off would still be required for the remainder. It was noted that efforts are made to relet a property to limit any losses.
Resolved –
That the write-off of uncollectable property rental income of £844,480.25 be approved.