Council leader Craig Leyland and portfolio holder Richard Fry asked for the fuding at a meeting of the authority’s executive last Wednesday.
Council leaders have drawn up another of ptonetial ideas to secure new income streams.
They hope that by modifying the way the council runs, it will become more ‘ambitious’ and commercially driven’ - boosting and make the authority more sustainable so it is able to reinvest in services.
Coun Leyland told members of the executive: “The fact is the council has to change the way we operate and to do that we need to have a full understanding of what the future holds.”
The members were reminded that the council faces a shortfall of £1-2 million per year with Coun Richard Fry adding: “There is not a do nothing option.”
Following the decisiontoi back the £300k spend on a feasability study, Coun Leyland said: “We can now move forward with looking at specific projects, into a new realm of operating, being more commercial, being more aware of how we use our assets and basically being more savvy.”
He said ELDC had a ‘huge financial challenge’, particularly beyond 2020.
“We need to have the capacity to make money from our assets and invest,” he added.
It is hoped to be used to investigate a number of proposed projects including:
•The potential of setting up the council’s own housing company, similar to North Kesteven District Council’s Lafford Homes. This could see ELDC develop homes and create an income from rents.
•Looking at whether ELDC can use its own land to build its required number of affordable housing by using contributions from developers.
•Looking at the council’s use of office space, how it uses its current facilities at Tedder Hall, in Manby and Skegness Town Hall, and the feasibility, including whether the council could move home.
•Working with Magna Vitae to improve leisure services, including the redevelopment of the Station Sports Centre in Mablethorpe. Councillor Fry said the aim was to increase the income for MV in order to reduce costs for ELDC.
•Improving the council’s renewable energy scheme including providing solar panels and electric car charging points.
East Lindsey District Council has seen funding cuts of £7million since 2010 – around 30 per cent.
With more cuts possible, the council will need to find a further £3.7 million by 2021.