Swindon Borough Council considers setting up municipal wealth fund from housing receipts
Proposed fund aims to support long-term projects across the borough
Swindon Borough Council could see a substantial financial boost for improvement projects across the borough if plans for a municipal wealth fund proposed by the Labour administration come to fruition. Councillor Jim Robbins, council leader, has put forward a motion for consideration at the next council meeting on 26th February, suggesting the establishment of a municipal wealth fund.
The motion outlines that Swindon Borough Council, as a major local asset owner, stands to benefit from receipts and land value uplift anticipated from the Wichelstowe Joint Venture. The proposal suggests that funds from house sales in the Wichelstowe development could be channelled into the wealth fund, which would aim to finance projects throughout Swindon.
Cllr Robbins explained the fund's model, whereby investments would either return money to the fund or rely on interest earned where no direct return is expected, ensuring its longevity and continued impact. The initial figure projected from the Wichelstowe joint venture is estimated between £40 and £50 million over the period from 2020 to 2036.
The motion specifies that these funds would directly support the council’s strategic missions to Build a Fairer, Better, and Greener Swindon. One potential project includes increasing solar panel installations on council properties, offering residents cheaper electricity while generating returns through electricity fed back into the grid.
Should the motion pass, Swindon’s chief executive officer, Sam Mowbray, will be tasked with preparing a report on fund management, including legal structuring and collaborations with community bodies. The council meeting to discuss the proposal will commence at 7pm on Thursday, 26th February.
This initiative reflects the council's commitment to strategically leveraging assets for long-term community development, with the fund poised to foster sustainable projects and enrich public facilities across the borough.