Agenda and minutes

Apologies for absence were received from Deputy Roger Chadwick, Alderman Peter Estlin, Sophie Anne Fernandes, Christopher Hayward, Michael Hudson, Oliver Lodge, Alderman William Russell and Deputy James Thomson.

Jamie Ingham Clark declared a non-pecuniary interest in respect of item 33 due to him being a Church Warden for St Lawrence Jewry.

To agree the public minutes of the meeting held on 12 September 2017.

RESOLVED – That the public minutes of the meeting held on 12 September be approved as an accurate record.

Report of the Town Clerk.

Members received a report of the Town Clerk which set out outstanding actions from previous meetings of the Committee. The following point was made.

The Chairman was keen to see progress on item 1, a report was due to be brought before Members at today’s Committee and he hoped that further delays could be avoided.

RESOLVED – That members noted the report.

Report of the Town Clerk.

Members received a report of the Town Clerk which advised Members of the key discussions which had taken place during recent meetings of the Committee’s Sub-Committees.

RESOLVED – that Members noted the report.

To note the draft minutes of the following Sub-Committee meetings:

The Committee noted public minutes of the following Sub-Committee meetings:

-        Corporate Asset Sub-Committee held on 5^th October 2017 (Draft);

-        Efficiency and Performance Sub-Committee held on 26^th September 2017; and

-        Information Technology Sub-Committee held on 18^th September 2017 (Draft).

RESOLVED – That the draft public minutes of the Information Technology Sub-Committee meeting held on 18 September 2017 were noted.

RESOLVED – That the public minutes of the Efficiency & Performance Sub-Committee meeting held on 26 September 2017 were noted.

RESOLVED – That the draft public minutes of the Corporate Assets Sub-Committee meeting held on 5^th October 2017 were noted.

Report of the Chamberlain.

Members received a Report of the Chamberlain on City Cash’s Financial Statements for 2016/17. The following points were made.

A Member asked whether City Re could be located in London, but it was explained that the re-insurance expertise was located in the Channel Islands and was not available in London.

Separately concerns were raised about the impact of Brexit on the rental property income stream (roughly 50% of total income). Officers reassured members that, so far no noticeable drop had been detected, current analysis indicates a worst case estimate of a 15% drop.

RESOLVED – that Members;

o   Considered the contents of the Audit Management Report issued by Moore

Stephens LLP;

o   Approved the City’s Cash Financial Statements for the year ended 31 March 2017, taking account of any observations from the Audit and Risk Management Committee; and

o   Agreed that the Financial Statements are signed by the Chairman and

Deputy Chairman of the Finance Committee on behalf of the Court of Common Council.

Report of the Chamberlain.

Members received a Report of the Chamberlain on the Chamberlain’s department Business Plan 2017/18.

RESOLVED – that Members noted the Report.

Report of the Chamberlain.

Members received a Report of the Chamberlain on budget monitoring for quarter two. The following points were made.

The Chamberlain highlighted the two key causes of the deterioration of the year end forecast – the Police budget deficit and unexpected costs borne by the City Surveyor.

The Chairman stressed that he was most concerned about the variance the Police are forecasting; he appreciated the need to support the Police and recognised the demands under which they operate, but reiterated that the key issue for the Finance Committee was ensuring that CoLP returns robust and reliable forecasts.

The Chairman and Chamberlain will meet with the Police Committee Chairman, and Commissioner soon to discuss these and other issues. 

RESOLVED – that Members noted the Report

Report of the Chamberlain.

Members received a report of the Chamberlain which provided updates regarding the top risks within the Departmental Risk Register.

The Deputy Chairman noted that IT Service Provision was considered a red risk – it was natural caution that delayed the reduction to amber, with the final decommission of aged and vulnerable equipment due at the end of 2017, it was anticipated that the risk would be reduced to amber in early 2018 and green later in the year.

A Member queried the level of security outlook offered with regards to the Committee agenda packs. Other organisations in both the public and private sectors used the Egress data transfer service; this was considered a more secure platform than Outlook and should be examined by officers in both the Town Clerk’s and Chamberlain’s departments. 

RESOLVED – that Members noted the report.

Report of the Chamberlain.

Members received a Report of the Chamberlain providing a quarterly update for the Financial Services Division.

RESOLVED – that Members noted the Report.

Report of the Chamberlain.

Members received a Report of the Chamberlain which provided Members with information regarding the current balance of the Finance Committee Contingency Funds for the current year.

RESOLVED – that Members noted the report.

Report of the Chamberlain.

Members received a Report of the Chamberlain about the procurement process so far followed, and the route to appointing the external auditor for the City Fund and Pension Fund by 31 December 2017. The following point was made.

The Chairman confirmed that a recommendation of an auditor had been made, but its identity remained confidential until Court of Common Council on 7^th December.

RESOLVED – that Members noted the Report.

Report of the Chamberlain.

Members received a Report of the Chamberlain regarding the Discretionary Council Tax discounts and exemptions.

RESOLVED – Members approved the following;

o   Agreed that, from the financial year 2017/18, 100% discretionary discounts be awarded to care leavers within the City up to the age of 25 under Section 13A of the Local Government Finance Act 1992, subject to liability considerations;

o   Agreed from the financial year 2017/18, to award discretionary discounts under Section 13A of the Local Government Finance Act 1992 to provide Council Tax Support (CTS) in exceptional circumstances as set out in paragraphs 16 to 19;

o   Delegated authority to the Chamberlain to administer the discounts.

Report of the Chamberlain.

Members received a Report of the Chamberlain about the annual on-street parking accounts 2016/17.

RESOLVED – that Members noted 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 Order 41(b). The decision related to the Donation to the British Red Cross – Myanmar Appeal, via the Finance Committee City Cash Contingency Fund, taken under delegated authority.

RESOLVED – That the Committee notes the report.

There were no questions.

There were no urgent items.

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 12 September 2017.

The non-public minutes of the meeting held on 12^th September were approved as an accurate record.

Report of the Town Clerk.

Members received a report of the Town Clerk which set out outstanding actions from previous non-public minutes of the Committee.

RESOLVED – that Members noted the Report.

Report of the Town Clerk.

Members noted a report of the Town Clerk which advised Members of the key discussions which had taken place during the non-public sessions at recent meetings of the Committee’s Sub-Committees.

To note the draft non-public minutes of the following Sub-Committee meetings:

The Committee noted the non-public minutes of the following Sub-Committee meetings:

-        Corporate Asset Sub-Committee held on 5^th October 2017 (Draft);

-        Efficiency and Performance Sub-Committee held on 26^th September 2017; and

-        Information Technology Sub-Committee held on 18^th September 2017 (Draft).

The non-public minutes of the Information Technology Sub-Committee meeting held on 18^th September were noted.

The non-public minutes of the Efficiency & Performance Sub-Committee meeting held on 26 September were noted.

The non-public minutes of the Corporate Asset Sub-Committee meeting held on 5^th October were noted.

Report of the Chamberlain.

Members received a Report of the Chamberlain.

Report of the Chamberlain.

Members received a Report of the Chamberlain.

Report of the Chamberlain.

Members received a Report of the Chamberlain and the City Surveyor.

Report of the City Surveyor.

Members received a Report of the City Surveyor.

Report of the Chamberlain.

Members received a Report of the Director of Markets and Consumer Protection.

Report of the City Surveyor.

Members received a Report of the City Surveyor.

Report of the Chamberlain.

To Follow

Members received a late report of the Chamberlain.

Report of the Chamberlain.

Members received a Report of the Chamberlain.

Report of the Chamberlain.

Members received a Report of the Chamberlain.

Report of the City Surveyor.

Members received a Report of the City Surveyor.

Report of the Town Clerk.

Members received a report of the Town Clerk.

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

Members received an item of non-public urgent business relating to 143 New Bond Street.