Agenda and minutes

Apologies were received from Mark Boleat, Alderman Charles Bowman, Lucy Frew, Jamie Ingham Clark, Clare James, Ian Seaton and Philip Woodhouse.

John Scott declared a non-pecuniary interest in agenda item 8 (“Business Support Department – Quarterly Update”) as his company has a contract for the provision of menus for selected City of London Corporation events.

To agree the public minutes and non-public summary of the meeting held on 9 December 2014.

RESOLVED - That the public minutes and non-public summary of the meeting held on 9 December 2014 be approved as an accurate record.

Report of the Town Clerk.

The Committee considered a report of the Town Clerk which set out the outstanding actions from previous meetings of the Committee.

The Town Clerk explained that the report regarding insurance across the Corporation would be submitted to the Committee’s February 2015 meeting. The Town Clerk also reported that it remained the intention to cancel the March 2015 meeting of the Committee.

RESOLVED – That the Committee notes the report.

To receive the draft public minutes and non-public summary of the meeting held on 21 November 2014.

RESOLVED – That the public minutes and non-public summary of the Corporate Asset Sub-Committee meeting held on 21 November 2014 be noted.

To receive the draft public minutes and non-public summary of the meeting held on 9 December 2014.

RESOLVED – That the public minutes and non-public summary of the Information Systems Sub Committee meeting held on 9 December 2014 be noted.

Report of the Chamberlain.

The Committee considered a report of the Chamberlain which set out the core grants recently announced in the Local Government Financial Settlement and Police Settlement for 2015/16.

The Chamberlain explained that at paragraph 10 the report stated that the outstanding appeals represented £1.25bn of rateable value. It was explained that the City’s maximum income from these properties was c.£14m, and the maximum liability for the appeals was £1.1m.

RESOLVED – That the Committee notes the report.

Report of the Chamberlain.

The Committee considered a report of the Chamberlain which provided an outline of the current status of the Business Support Division, its workload, and key progress over the last quarter.

The Chairman noted that it would be beneficial for future similar reports to include the value of the contracts so that Members could see the financial scale of non-compliance, although it was also noted that the proper process should be followed regardless of the value of the procurement. The Chamberlain confirmed that future reports would contain this information.

RESOLVED – That the Committee notes the report.

Report of the Chamberlain. This report will also be submitted to the Policy and Resources Committee on 22 January 2015 for information.

The Committee considered a report of the Chamberlain which requested the Committee to agree a further contribution to the London Councils Local Government Pension Scheme (LGPS) Collective Investment Vehicle (CIV).

The Chairman confirmed that the Corporation had not yet made any capital contribution to the scheme.

A Member asked whether it was good budgetary practice to provide funding from the 2015/16 Committee Contingency Budget, rather than this being included in the budget for 2015/16. It was explained that it was preferred to assign funding for specific unforeseen events from the Contingency Budget, rather than allow that spending to become part of the overall departmental budget in future years.

RESOLVED – That the Committee agrees that the City’s contribution towards the cost of implementing the CIV, totalling £50,000, be met from the Finance Committee’s City Fund contingency (£25,000 in 2014/15 and £25,000 in 2015/16)

Report of the Principal, Guildhall School of Music and Drama.

The Committee considered a report of the Principal of the Guildhall School of Music and Drama which informed the Committee of an opportunity for the Guildhall School to stage two opera scenes productions at the Shanghai Grand Theatre in April 2015. The Guildhall School requested funding for this trip from the Finance Committee’s contingency fund as, due to the late stage in the financial year, the Guildhall School did not have sufficient resources remaining in its budget to take this opportunity.

The Town Clerk explained that the Guildhall School was now seeking funding for 27 people to travel to the performances, rather than 26 as set out within the report. This would increase the cost of the travel by one visa and one air fare (totalling £945.36), which brought the total requested to £29,805.22.

In response to a question from a Member, the Principal of the Guildhall School explained that the purpose of the trip was to raise the School’s profile in China and for all disciplines, not just in opera, in the hope of attracting further international students.

The Principal of the Guildhall School explained that the School would not receive any direct income from the performances, but would be able to receive income in the event that it hosted similar exchange on reciprocal terms. The Committee noted that in the event that such income was received, it would be appropriate for some of the income to return to the Finance Committee in light of this investment.

RESOLVED – That the Committee approves funding of £29,805.22 to meet the transport and freight costs of taking the Guildhall School’s opera scenes to Shanghai in April 2015, to be drawn from the Finance Committee’s 2014/15 City’s Cash Contingency fund.

Report of the Chamberlain.

Consideration was given to a report of the Chamberlain which provided the Committee with information regarding the current balance of the Finance Committee Contingency Funds for the current year.

A Member asked how it was determined whether contingency fund applications were submitted to the Finance Committee Contingency Fund or the Policy & Resources Committee Contingency Fund. The Chamberlain explained that the Policy & Resources Committee Contingency Fund was primarily for works related to that Committee, while the Finance Committee Contingency Fund acted as a central contingency budget for all other areas of the City of London Corporation.

RESOLVED – That the Committee notes the report.

Report of the Town Clerk.

The Committee considered a report of the Town Clerk which provided information of the action taken by the Town Clerk since the last meeting of the Committee, in consultation with the Chairman and Deputy Chairman, in accordance with Standing Orders 41(a) and 41(b).

RESOLVED – That the Committee notes the report.

There were no questions.

There were no items of urgent business.

MOTION - That under Section 100(A) of the Local Government Act 1972, the public be excluded from the meeting for the following items on the grounds that they involve the likely disclosure of exempt information as defined in Part I of Schedule 12A of the Local Government Act.

RESOLVED - That under Section 100(A) of the Local Government Act 1972, the public be excluded from the meeting for the following items on the grounds that they involve the likely disclosure of exempt information as defined in Part I of Schedule 12A of the Local Government Act.

To agree the non-public minutes of the meeting held on 9 December 2014.

The non-public minutes of the meeting held on 9 December 2014 were approved as an accurate record.

Report of the Town Clerk.

The Committee considered and noted a report of the Town Clerk which set out the outstanding actions from previous meetings of the Committee.

To receive the draft non-public minutes of the meeting held on 21 November 2014.

The non-public minutes of the Corporate Assets Sub-Committee meeting held on 21 November 2014 were noted.

To receive the draft non-public minutes of the meeting held on 9 December 2014.

The non-public minutes of the Information Systems Sub-Committee meeting held on 9 December 2014 were noted.

Report of the City Surveyor. This report was approved by the Property Investment Board on 10 December 2014.

The Committee considered and approved a report of the City Surveyor which provided an update on progress made over the previous year in respect of the Strategic Property Estate.

Report of the City Surveyor. This report was noted by the Property Investment Board on 10 December 2014.

The Committee considered and approved a report of the City Surveyor which provided the annual update of the strategy for City’s Estate (the investment property portfolio held by City’s Cash).

Report of the City Surveyor. This report will also be considered by the Property Investment Board on 14 January 2015.

The Committee considered and approved a report of the City Surveyor which requested the Committee’s approval, subject to the approval of the Property Investment Board, for the disposal of a freehold interest at Bart’s Square, EC1.

Report of the City Surveyor. This report will also be considered by the Property Investment Board on 14 January 2015.

The Committee considered and approved a report of the City Surveyor which requested the Committee’s approval, subject to approval from the Property Investment Board, to enter into a development agreement at Grafton Street and Sale of Freehold at Bruton Street.

Report of the City Surveyor. This report will also be considered by the Property Investment Board on 14 January 2015.

The Committee considered and approved a report of the City Surveyor which requested the Committee’s approval, subject to the approval of the Property Investment Board, for the surrender of a groundlease at Store Street and the granting of a new 10 year lease at the same site.

Report of the City Surveyor. This report was approved by the Property Investment Board on 10 December 2014.

The Committee considered and agreed a report of the City Surveyor which requested the Committee’s approval to the write off of four cases of outstanding debt. The Property Investment Board had agreed to the write off of these cases at their meeting in December 2014.

There were no non-public questions relating to the work of the Committee.

The Chairman reminded Members that the Finance Committee Dinner would be held on Thursday, 29January 2015 at Drapers’ Hall.

There was one items of non-public urgent business. The Committee considered and approved a report of the Director of Built Environment regarding the London Bridge Staircase.