SENIOR councillors in Blaenau Gwent have said a more commercially minded approach will be key to supporting services in the future.

The authority is drawing up a new strategy titled Bridging the Gap which includes a focus on “creating the conditions of a commercially minded council”.

Maximising opportunities to generate income and taking a “clearly commercial approach where it is appropriate to do so” is a key part of the new strategy.

Council bosses will focus on identifying new commercial opportunities, including property investment inside and outside of the borough.

Similar plans have been drawn up by other Gwent councils recently, including Newport and Monmouthshire which have set up property investment funds.

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The strategy was praised at a meeting of Blaenau Gwent council’s executive on Wednesday.

Council leader Cllr Nigel Daniels, said the plans will add to the authority’s financial resilience.

“The Bridging the Gap recommendations are about creating the environment to be a more commercially minded organisation and that is going to be key,” Cllr Daniels said.

Cllr Dai Davies, executive member for regeneration and economic development, said the change would help further improve services provided by the council.

The meeting heard last year’s budget overspent by just £71,000 against a total budget of £145 million.

Reductions in the number of children coming into care helped the authority overturn a predicted overspend of £220,000 into an underspend of £220,000.

A Welsh Government grant, which was split equally between education and corporate landlord services, also contributed £240,000.

This helped bring down an overall predicted overspend of £810,000 which was made in December.

Cllr Davies said regular budget reviews had made a “big difference” to helping the council balance the books.

“I think we can be confident we are doing the right things now,” Cllr Davies said.

“The services we are providing are also improving.”

Cllr Daniels said the authority had demonstrated it can live within its £145-million budget, adding the position provides “more confidence externally” the council is improving its financial resilience.

The meeting heard the council’s level of reserves has also increased, after the authority was previously being criticised by the Wales Audit Office over a “worrying” trend of diminishing levels.

Michelle Morris, managing director of the council, said it was “right to celebrate this success” and reflected hard work undertaken across all departments.