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Venue: Committee Room - 2nd Floor West Wing, Guildhall

Contact: John Cater
tel. no.: 020 7332 1426  Email: john.cater@cityoflondon.gov.uk

Items
No. Item

1.

Apologies

Minutes:

Apologies for absence were received from Nicholas Bensted-Smith, Deputy Roger Chadwick, Dominic Christian, Alderman Gregory Jones QC, Alderman Alistair King, Tim Levene, Alderman Nicholas Lyons, Andrew McMurtrie, Ian Seaton, Deputy James Thomson, and Deputy Tom Sleigh.

 ...  view the full minutes text for item 1.

2.

Members' Declarations under the Code of Conduct in respect of items on the agenda

Minutes:

Graeme Smith declared a non-pecuniary interest in respect of item 22 due to being XXX.

 

Paul Martinelli declared a non-pecuniary interest in respect of item 25 due to being XXX.

 

John Scott declared a non-pecuniary interest in respect of item 25 due to being XXX.

 

Gregory Lawrence declared a pecuniary interest in respect of item 25

 

 

 

 ...  view the full minutes text for item 2.

3.

Minutes of the previous meeting pdf icon PDF 119 KB

To agree the public minutes of the meeting held on 21st May 2019.

 ...  view the full agenda text for item 3.

Minutes:

RESOLVED – That the public minutes of the meeting held on 21st May 2019 be approved as an accurate record.

 

 ...  view the full minutes text for item 3.

4.

Finance Committee's Forward Plan pdf icon PDF 42 KB

Report of the Chamberlain.

 ...  view the full agenda text for item 4.

Minutes:

The Committee received a Report of the Chamberlain concerning the Committee’s forward workplan.

 

The Chairman asked officers to expand the plan to include additional items that either: i) returned for consideration by the Committee on a cyclical basis or ii) had a clear project timeline, where officers were able to estimate which month it would be submitted to Finance Committee.

 

RESOLVED – that the Committee noted the Report.  

 ...  view the full minutes text for item 4.

5.

Additional appointments to the Sub-Committees

The Town Clerk to be heard

 ...  view the full agenda text for item 5.

Minutes:

The Town Clerk raised two items of business relating to Committee appointments.

 

The Committee confirmed the appointments of John Chapman, Sylvia Moys, Barbara Newman and James Tumbridge to serve on the Digital Services Sub-Committee.

 

After conducting a ballot, Jamie Ingham Clark was duly elected to serve as Finance Committee’s representative on the Joint City Education Grant Funding Working Party (Policy and Resources and Education Board).

 

 

 

 

 ...  view the full minutes text for item 5.

6.

Report of the work of the Sub-Committees pdf icon PDF 86 KB

Report of the Town Clerk.

 ...  view the full agenda text for item 6.

Minutes:

The Committee considered 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.

 

Corporate Asset Sub-Committee

The Chairman of the Sub-Committee reported that Members received a Report of the City Surveyor concerning the additional repairs and maintenance programme 2018/19 quarter 4, providing an overview of the progress and expenditure of the three-year 2016/17 programme (AWP) at the end of the financial year 2018/19.

The programme for 2016/17 totals 269 projects with a budget of £5.248m over the life of the programme. Total cost of the programme was £4.906m, excluding the £221,550 previously agreed for carry-over into 2019/20.

One project expected to complete in 2018/19 (ornate metalwork in London Central Markets) was not completed because of delays that project suffered due to access restrictions caused by neighbouring construction works being undertaken by Crossrail and Thames Water. Aside from that, and projects the Sub Committee has already agreed will be carried into 2019/20, the programme is complete. While some final accounts remain to be agreed, current figures indicate that savings over the programme total £342,018.

The Sub Committee approved the following:

  • provision of £192,300 be approved from the 2016/17 AWP budget into 2019/20 for project C037AW006L, LCM ornate metalwork maintenance finishes;
  • provision of £100,000 be approved from the 2016/17 AWP budget into 2019/20 to allow settlement of final accounts when agreed; and
  • carry over of savings on this programme into the 2019/20 CWP be approved to fund cyclical works currently on the reserve list.

The Chairman of the Sub-Committee added that a revised energy savings plan report with a more comprehensive set of metrics, would be submitted to the Sub-Committee on a regular basis going forward.

 

Digital Services Sub-Committee

The Chairman of the Sub-Committee reported that Members received

 ...  view the full minutes text for item 6.

7.

Draft public Minutes of Sub-Committees

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

 ...  view the full agenda text for item 7.

Minutes:

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

Digital Services Sub-Committee held on 30th May 2019;

 

 ...  view the full minutes text for item 7.

7a

Draft public minutes of the Digital Services Sub-Committee held on 30 May 2019 pdf icon PDF 80 KB

Minutes:

RESOLVED – That the public minutes of the Digital Services Sub-Committee meeting held on 30th May 2019 be noted.

 ...  view the full minutes text for item 7a

8.

Risk Management - Top Risks pdf icon PDF 64 KB

Report of the Chamberlain.

 ...  view the full agenda text for item 8.

Additional documents:

Minutes:

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

 

The Chairman emphasised that Members should be in no doubt about the level of seriousness that the Corporation was taking about the Police budget, no other issue is commanding more time than ensuring the budget is brought back onto a sustainable footing. Whilst pointing out that pay, pensions and overtime continued to bear down on funds, he sympathised with Members concerns and reiterated that, thanks to a draw-down of reserves, the budget was only nominally balanced; this, clearly, was unsustainable in the longer run.

 

The Chairman asked Members to discuss Action Know Fraud in the non-public section of the meeting due to the commercial sensitivities with the project.

 

The Chamberlain added that recent post-Brexit income projections for the Corporation’s property portfolio remain robust. The City Surveyor added that, more widely, there was reasonable confidence that the office market would hold up, he added that the pipeline for new and refurbished offices was, in the short-to-medium term, “fairly low”, so the expectation was that rental income would remain healthy. The Chairman added that as negotiations play out, business faced a degree of uncertainty in the short term, however, he was confident that UK fundamentals remained robust. The Deputy Chamberlain responded that, in the event of a downturn, revenue would remain, at least in the medium term, stable as tenants had signed multi-year rental agreements; less stable, in a downturn scenario, would be the values of the assets – this would be particularly significant to the Corporation if the loans for the major projects became more onerous, as its ability to service the debt by raising cash though selling assets could be hampered.      

 

RESOLVED – That the Committee notes the report.

 ...  view the full minutes text for item 8.

9.

Central Contingencies pdf icon PDF 55 KB

Report of the Chamberlain.

 ...  view the full agenda text for item 9.

Additional documents:

Minutes:

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


RESOLVED – that the Committee noted the report.

 ...  view the full minutes text for item 9.

10.

Questions on matters relating to the work of the Committee

Minutes:

A Member asked about the procedure for accessing Business Rate Reliefs and   Reductions in Rateable Values.

 

The Deputy Chamberlain would ask officers to compile a response for all Members, the Town Clerk would circulate this in the next few days.

 

 

 ...  view the full minutes text for item 10.

11.

Any Other Business that the Chairman considers urgent

Minutes:

The following items of urgent business were raised –

 

The Deputy Chamberlain informed Members of the re-establishment of the Actuarial Working Group; Clare James, Paul Martinelli and Andrien Meyers had expressed an interest in joining before today’s meeting. Randall Anderson confirmed his interest in joining. The Deputy Chamberlain thanked Members for their interest and would get in touch directly with next steps.

 

 

 

 

 ...  view the full minutes text for item 11.

12.

Exclusion of the Public

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.

 ...  view the full agenda text for item 12.

Minutes:

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.

 

 

 

 ...  view the full minutes text for item 12.

13.

Non-public minutes of the previous meeting

To agree the non-public minutes of the meeting held on 21st May 2019.

 ...  view the full agenda text for item 13.

Minutes:

The non-public minutes of the meeting held on 21st May 2019 were approved as an accurate record.

 ...  view the full minutes text for item 13.

14.

Outstanding actions from non-public minutes of previous meetings

Report of the Town Clerk.

 ...  view the full agenda text for item 14.

Minutes:

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

 ...  view the full minutes text for item 14.

15.

Report of the work of the Sub-Committees - non-public issues

Report of the Town Clerk.

 ...  view the full agenda text for item 15.

Minutes:

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

 ...  view the full minutes text for item 15.

16.

Draft Non-public minutes of Sub-Committees

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

 ...  view the full agenda text for item 16.

Minutes:

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

-        Digital Services Sub Committee held on 30th May 2019;

 

 ...  view the full minutes text for item 16.

16a

Draft non-public minutes of the Digital Services Sub-Committee held on 30 May 2019

Minutes:

The non-public minutes of the Digital Services Sub-Committee meeting held on 30th May 2019 were noted.

 

 ...  view the full minutes text for item 16a

17.

Dispute Strategy

Report of the Chamberlain.

 ...  view the full agenda text for item 17.

Minutes:

The Committee received a Report of the Chamberlain concerning the dispute strategy in relation to Action Know Fraud.

 ...  view the full minutes text for item 17.

18.

Update 2019- Food Standards Agency Debtor Balance and Write Off 2016-17

Report of the Commissioner of the City of London Police

 ...  view the full agenda text for item 18.

Minutes:

The Committee considered a Report of the Commissioner of the City of London Police concerning a write off debt in respect of work undertaken for the Food Standard Agency (FSA).

 ...  view the full minutes text for item 18.

19.

2020 IT Services Programme - Preparation of Tender

Report of the Chamberlain

 ...  view the full agenda text for item 19.

Minutes:

The Committee received a Report of the Chamberlain concerning the preparation for the tender of the 2020 IT Services Programme.

 

 

 ...  view the full minutes text for item 19.

20.

Bridge House Estates - Freehold purchase of 4 Chiswell Street, London, EC1

Report of the City Surveyor.

 ...  view the full agenda text for item 20.

Minutes:

The Committee received a Report of the City Surveyor concerning 4 Chiswell Street.

 

 

 ...  view the full minutes text for item 20.

21.

Bridge House Estates - Colechurch House, SE1 - Disposal of New 150 Year Lease

Report of the City Surveyor.

 ...  view the full agenda text for item 21.

Minutes:

The Committee received a Report of the City Surveyor concerning Colechurch House.

 

 

 ...  view the full minutes text for item 21.

22.

City Fund - 25 Cannon Street, EC4 - Headlease Variations

Report of the City Surveyor.

 ...  view the full agenda text for item 22.

Minutes:

The Committee received a Report of the City Surveyor concerning 25 Cannon Street.

 

 

 

 ...  view the full minutes text for item 22.

23.

Non-public questions on matters relating to the work of the Committee

Minutes:

Members considered a non-publicquestion(s) relating to the work of the Committee

 

OR

 

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

 ...  view the full minutes text for item 23.

24.

Any Other Business that the Chairman considers urgent and which the Committee agree should be considered whilst the public are excluded

Minutes:

The Committee considered one item of urgent business relating to Major Construction Works Housing Frameworks.

 

 

 

 

 

 ...  view the full minutes text for item 24.

 


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