Agenda and minutes

Apologies for absence were received from Dominic Christian, Alderman Gregory Jones QC, Gregory Lawrence, Tim Levene, Oliver Lodge, Paul Martinelli, Andrew McMurtrie, Deputy Henry Pollard, Ian Seaton, Deputy Philip Woodhouse, and Deputy Tom Sleigh.   

Jeremy Mayhew declared a non-pecuniary interest in respect of item 7 due to being an ex-officio Director of City Re Limited.

To agree the public minutes of the meeting held on 23^rd July 2019.

RESOLVED – That the public minutes of the meeting held on 23^rd July 2019 be approved as an accurate record.

Report of the Town Clerk.

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

The Chairman requested that, post-meeting, a reminder be circulated to Members inviting them to attend the next meeting of the Audit and Risk Management Committee on 24^th September.

RESOLVED – That the Committee notes the report.

Report of the Chamberlain.

The Committee received a Report of the Chamberlain outlining the Forward Plan.

The Chairman asked that future iterations should include, where possible, exceptional or one-off items. The Reports should be less mechanical and try to offer Members the broadest insight of what was likely to be submitted to the Committee over the medium-term.

RESOLVED – that the Committee noted the Report.

Report of the Chamberlain.

The Committee received a Report of the Chamberlain concerning the 2018-19 City Fund and Pension Fund Financial Statements.

RESOLVED – that the Committee noted the Report.

Report of the Chamberlain.

The Committee received a Report of the Chamberlain concerning City Re Limited.

RESOLVED – that the Committee noted the Report.

Report of the Chamberlain.

The Committee received a Report of the Chamberlain concerning the IT Division.

In response to concerns about cyber security, the Chairman of the Digital Services (Finance) Sub-Committee confirmed that a paper would shortly be considered by the Sub-Committee.  

RESOLVED – that the Committee noted the Report.

Report of the Chamberlain.

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

Whilst signalling that substantive discussion around the Police would take place in the non-public section of the agenda, the Chairman again emphasised the critical importance of getting the Police finances back on track.

RESOLVED – That the Committee notes the report.

Report of the Chamberlain.

The Committee considered 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 the Committee notes the report.

Report of the Town Clerk.

The Committee received a Report of the Town Clerk concerning the Annual Report and Financial Statements for Bridge House Estates.

RESOLVED – that the Committee approved delegated authority be granted to the Town Clerk, in consultation with the Chairman and Deputy Chairman of the Finance Committee, to approve the Bridge House Estates Annual Report and Financial Statements after consideration at the Audit and Risk Management Committee meeting on the 24th September 2019.

Report of the Town Clerk.

The Committee received 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). The decision related to an allocation of £125,000, sourced from the 2019/20 Finance Committee Contingency Fund, to fund the Initiation & Implementation of the City’s Charities Review.

RESOLVED – That the Committee noted the report.

There were no questions.

The following items of urgent business were raised;

·         The Chairman shared a note from Alderman Rt Hon the Baroness Patricia Scotland of Asthal, QC and Commonwealth Secretary-General, who expressed her thanks to the Committee for the allocation of £25,000 to Team Rubicon UK’s Hurricane Dorian Appeal.

·         After tabling two supporting documents from the Local Government Association and London Councils, the Chamberlain provided a brief overview of the impact of the Government’s 4^th September Spending Review on local government financing. The Chairman, whilst recognising that, at least in the short-term, the settlement was good news, emphasised that getting the longer-term fundamentals into shape still required a great deal of focus. In response to a query about whether (and if so when) transitional relief would be established, the Chamberlain responded that arrangements were still to be confirmed.

·         The Committee endorsed the Chairman’s proposal to appoint Alderman Gregory Jones to serve on the Procurement Sub-Committee for the remainder of 2019/20.     

·         The Chairman confirmed that, unlike in recent years, the October Finance Committee meeting would be retained this year.

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 23^rd July 2019.

The non-public minutes of the meeting held on 23^rd July were approved as an accurate record.

Report of the Chamberlain.

The Committee received a Report of the Chamberlain concerning provision for bad debt.

The Commercial Director (Chamberlain) to be heard.

The Committee received a verbal update from the Commercial Director concerning Action Fraud.

Report of the Town Clerk.

The Committee noted a report of the Town Clerk detailing non-public decisions taken under delegated authority and urgency procedures since the last meeting.

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

The Committee considered an item of urgent business relating to the Fundamental Review.