Agenda and minutes

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 Dominic Christian, John Fletcher, Oliver Lodge, Alderman Sir Andrew Parmley and John Scott.

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

2.

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

Minutes:

There were no declarations of interest.

.

 

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

3.

Minutes of the previous meeting pdf icon PDF 100 KB

To agree the public minutes of the meeting held on 15th October 2019.

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

Minutes:

RESOLVED – That the public minutes be approved as an accurate record, subject to the following amendment:

 

Deputy Philip Woodhouse reminded the Town Clerk that he had issued his apologies prior to the October meeting of the Finance Committee.

 

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

4.

Outstanding actions from previous meetings pdf icon PDF 52 KB

Report of the Town Clerk.

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

Minutes:

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

 

RESOLVED – That the Committee notes the report.

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

5.

Finance Committee's Forward Plan pdf icon PDF 56 KB

Report of the Chamberlain.

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

Minutes:

The Committee received a Joint Report of the Town Clerk and the Chamberlain detailing the Committee’s work plan for future meetings.

 

RESOLVED – that the Committee notes the Report

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

6.

Report of the work of the Sub-Committees pdf icon PDF 41 KB

Report of the Town Clerk.

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

Minutes:

The Committee 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 the Committee notes the report.

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

7.

City's Cash Financial Statements 2018/19 pdf icon PDF 114 KB

Report of the Chamberlain.

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

Additional documents:

Minutes:

The Committee considered a Report of the Chamberlain concerning the 2018/19 Financial Statements for City’s Cash.

 

RESOLVED – that the Committee approved the following:

 

·         delegate approval of the City’s Cash Financial Statements for the year ended 31

March 2019 to the Chairman and Deputy Chairman, taking account of any

observations from the Audit and Risk Management Committee on 19 November;

and

 

·         agree that the Financial Statements are signed by the Chairman and Deputy

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

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

8.

City's Cash Trust Funds and Sundry Trust Funds Annual Reports and Financial Statements 2018/19 pdf icon PDF 99 KB

Report of the Chamberlain.

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

Minutes:

The Committee considered a Report of the Chamberlain concerning the 2018/19 Annual Reports and Financial Statements for the City's Cash Trust Funds and Sundry Trust Funds

 

RESOLVED – that the Committee approved the following:

 

·         delegate approval of the City’s Cash Financial Statements for the year ended 31 March 2019 to the Chairman and Deputy Chairman, taking account of any

observations from the Audit and Risk Management Committee on 19 November; and

 

·         agree that the Financial Statements are signed by the Chairman and Deputy

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

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

9.

Guildhall Events - P&L Account Arrangements pdf icon PDF 79 KB

Joint Report of the Chamberlain, the Remembrancer and the City Surveyor.

 

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

Minutes:

The Committee received a Joint Report of the Chamberlain, the Remembrancer and the City Surveyor concerning P&L account arrangements for events at Guildhall.

 

Members welcomed the progress made by officers and endorsed the principles in the Report; they were keen to see the fuller Report in December. The Chairman added that the aim should be to establish a culture of transparency for subsidies, costs and allocations.

 

RESOLVED – that the Committee noted the Report.

 

 

 

 

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

10.

Revenue Budget Monitoring to September 2019 pdf icon PDF 117 KB

Additional documents:

Minutes:

The Committee considered a Report of the Chamberlain concerning revenue budget monitoring.

 

Whilst Members welcomed the clarity in the Report, the Chairman asked officers to ensure that, in addition to minimising in-year adjustments, when changes did occur, they were highlighted clearly, and an explanation was provided.

 

Members asked officers to work with colleagues in the HR Department to ensure that, in an effort to better anticipate the pressures on the budget in good time, greater clarity was established earlier in the financial year about the broad outlook for the annual pay award.

 

RESOLVED – that the Committee approved the following:

 

·         to note the report.

 

·         in accordance with Financial Regulation 2.2 agree to waive £200k of the City Surveyor’s brought forward overspending from 2018-19 relating to additional security costs at the Guildhall complex.

 

  

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

11.

Financial Services Division - Quarterly Update pdf icon PDF 71 KB

Report of the Chamberlain.

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

Additional documents:

Minutes:

The Committee received a Report of the Chamberlain concerning the Financial Services Division.

 

RESOLVED – that the Committee noted the Report.

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

12.

Risk Management - Top Risks pdf icon PDF 92 KB

Report of the Chamberlain.

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

Minutes:

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

 

RESOLVED – That the Committee notes the report.

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

13.

Central Contingencies pdf icon PDF 55 KB

Report of the Chamberlain.

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

Minutes:

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.

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

14.

Questions on matters relating to the work of the Committee

Minutes:

There were no questions.

 

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

15.

Any Other Business that the Chairman considers urgent

Minutes:

There were no urgent items.

 

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

16.

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 16.

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 16.

17.

Non-public minutes of the previous meeting

To agree the non-public minutes of the meeting held on 15th October 2019.

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

Minutes:

The non-public minutes of the meeting held on 15th October were approved as an accurate record.

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

18.

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

Report of the Town Clerk.

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

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 18.

19.

Dispute Progress

Verbal Report of the Chamberlain

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

Minutes:

The Committee considered a Report of the Chamberlain concerning the dispute around Police IT.

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

20.

Fundamental Review Outputs Update

Report of the Chamberlain

 

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

Minutes:

The Committee received a Report of the Chamberlain concerning the Fundamental Review.

 

 

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

21.

Gresham College Funding

Report of the Town Clerk.

 

To Follow.

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

Minutes:

This item was deferred.

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

22.

Lease Restructure for a Capital Premium & Leasehold Acquisition - City's Estate

Report of the City Surveyor.

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

Minutes:

This item was deferred.

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

23.

Former Tenants Rent Arrears Write Offs

Joint Report of the Comptroller & City Solicitor and the City Surveyor.

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

Minutes:

The Committee considered a Joint Report of the Comptroller & City Solicitor and the City Surveyor concerning rent arrears write offs.

 

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

24.

Non-public decisions taken under delegated authority and urgency procedures

Report of the Town Clerk.

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

Minutes:

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

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

25.

Contingencies appendix

Minutes:

26.

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

Minutes:

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

 ...  view the full minutes text for item 26.

27.

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

Minutes:

There were no items of urgent business.

 ...  view the full minutes text for item 27.