A scheme designed to help councils drive better value from their assets is looking for 15 local authorities in England to take part.

The first phase of One Public Estate, launched last year, saw 12 local authorities generate £88m in capital receipts. Funded by the Cabinet Office and run by the Local Government Association (LGA), in the long term it is expected to create 5,500 jobs and boost local economies by £40m.

A second phase of the programme is now being launched and councils have until May 12 to apply for a place. Each council accepted onto the scheme will receive £40,000 along with support from the Government Property Unit and LGA.

The key objectives are to encourage better use of council assets to cut running costs, generate economic growth and capital receipts and deliver ‘more integrated and customer focused services’ through shared facilities.

Peter Fleming, chair of the LGA’s improvement board, said: ‘Public assets can be used to great effect, to fund regeneration, housing and jobs. We know by examining these assets councils can not only make money but bring down running costs and use facilities more effectively, for example by reducing the number of offices.

‘At a time when local government has faced cuts of 40% since 2010 this is a great opportunity for councils to reap the benefits of the assets they hold. Such work can have a significant impact and, from the pilot, we have seen examining assets can make councils more efficient, with better results.

‘Through the extension of the One Public Estate programme more councils can benefit from using their public assets effectively and we look forward to receiving their applications.’