Agenda and minutes

Apologies for absence were received from

Or

There were no apologies.

There were no declarations of interest.

Or

Member declared a non-pecuniary/pecuniary interest in respect of item X due to being XXX.

To agree the public minutes of the meeting held on 21^st January 2020.

RESOLVED – That the public minutes and summary of the meeting held on XXX be approved as an accurate record *subject to the following amendment(s)* -

Report of the Town Clerk.

The Committee considered a report of the Town Clerk in respect of the Annual Review of the Committee’s Terms of Reference.

RESOLVED, that :

1.     The Terms of Reference, as set out in Appendix 1 to the report, be agreed for submission to the Annual Meeting of the Court of Common Council.

2.     Any changes required in the lead up to the appointment of committees be delegated to the Town Clerk, in consultation with the Chairman and Deputy Chairman. 

Report of the Town Clerk.

The Committee considered a report of the Town Clerk, proposing amendments to the Finance Grants Oversight and Performance Sub Committee’s Terms of Reference. 

RESOLVED, that  - the proposed changes to the Finance Grants Oversight and Performance Sub-Committee Terms of Reference be amended to include the following:

1.    Strategic oversight of the wider work of the Central Grants Unit;

2.    oversight and scrutiny of the allocations and disbursements of the City of London Corporation’s Community Infrastructure Levy Neighbourhood Fund; and,

3.    oversight and scrutiny of the City of London Corporation’s use of its facilities as Benefits in Kind to external organisations.

Report of the Chamberlain.

The Committee received a report of the Chamberlain which set out the Committee’s forward plan.

RESOLVED, That – the report be noted.

Report of the Town Clerk.

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.

RESOLVED – That the Committee notes the report.

To receive the public minutes of the joint meeting of the Efficiency and Performance Sub Committee and the Resource Allocation Sub-Committee with Committee Chairmen.

RESOLVED – That the public minutes and non-public summary of the joint meeting of the Efficiency & Performance Sub-Committee and the Resource Allocation Sub Committee (with the Committee Chairmen) be noted.

Report of the Chamberlain.

Members considered a report of the Chamberlain in respect of the City Fund Budget and Medium Term Financial Strategy.  The report presented the overall financial position of the City Fund (i.e. the City Corporation’s finances relating to Local Government, Police and Port Health services).

RESOLVED, that:

1)      Following the Finance Committee’s consideration of this City Fund report, the Court of Common Council be recommended to:

a.    Confirm a funding commitment of £5.4m from City Fund for 67 additional police officer posts on the understanding that early progress will be made on shared services and that any underspend will be applied to not delaying the repayment of the Action Fraud loan in 2020/21.

b.    Agree to fund the rental costs of Middlesex Street carpark on behalf of CoLP (paragraph 29).

c.     Approve the overall financial framework and the revised Medium-Term Financial Strategy (paragraph 29).

d.    Approve the Treasury Management Strategy Statement and Annual Investment Strategy for 2020/21 (appendix E).

e.    Approve the treasury indicators including the operational boundary and authorised limit for external borrowing as stated in the Treasury Management Strategy Statement and Annual Investment Strategy for 2020/21 (paragraph 75).

f.      Approve the City Fund Net Budget Requirement of £137.8m (paragraph 46).

g.    Approve the increases in base budget detailed in appendix B for 2020/21, included within the City Fund budget requirement.

h.    Note that the forecast includes items already agreed by Policy and Resources Committee detailed in appendix B.

i.      Note that the revenue estimates assume that a Business Rates reset will remove the City’s recent business rates growth receipts in 2021/22 (forecast at £35m in 2019/20) and further reforms of Business Rates could further worsen the impact from 2021/22.

j.      Note that the Local Council Tax Reduction Scheme will remain the same as set by the Court of Common

Report of the Chamberlain.

The Committee considered a report of the Chamberlain in respect of the 2020/21 Budgetand financialoutlook forCity's Cashand Bridge HouseEstates. Members noted that they should consider the report in conjunction with the separate report on your agenda entitled 'City Fund - 2020/21 Budget Report and Medium-Term Financial Strategy'

RESOLVED, That:

1.     Note the latest revenue budgets for 2019/20 (as set out in paragraphs 19 and 26 in the report) be noted.

2.     The 2020/21 revenue budgets be approved, including the following measure:

·       City’s Cash: Efficiency Savings: Maintain the 2% efficiency saving across all Corporation departments, which together with a pay and inflation uplift of 2%, subject to the outcome of the Pay Review, would result in flat cash budgets (paragraph 2).

3.    Additional resource requests for City’s Cash of £0.7m (as set out in paragraph 16 of the report) be approved.

4.    In respect of Bridge House Estates:

a.    a resource request for £25m further charitable funding in the three years from 2020 be approved, to underpin the celebration of 25 years of CBT (as set out in paragraph 17 of the report).

b.     additional funding of £0.17m for an enhanced Charities Team be approved (as set out in paragraph 18 of the report).

5.    The 2020/21 Capital and Supplementary Revenue Project Budgets for City’s Cash and Bridge House Estates amounting to £27.2m and £7.1m respectively be approved (as set out in paragraph 33 of the report).

6.    The allocation of central funding of up to £18.6m for City’s Cash and £0.9m for Bridge House Estates be approved, to meet the cost of the 2020/21 new bids, together with central funding of up to £3.5m for the remaining City’s Cash projects, previously agreed for progression outside of the fundamental review.  NB. Release of such funding

Report of the Chamberlain.

The Committee considered a report of the Chamberlain in respect of the Pension Fund.  The preliminary results of the Pension Fund Actuarial Valuation as at 31 March 2019, undertaken by the Fund’s Actuary, Barnett Waddingham LLP, were appended to the report.

RESOLVED, that:

1.    The Pension Fund deficit recovery period be set at 14 years from 2020/21.

2.    The employers’ overall contribution rate remain at 20.7% with the City of London Corporation’s contribution rate remaining at 21.0% for the financial years 2020/21, 2021/22 and 2022/23.

3.      

Report of the Chamberlain.

Members received a report of the Chamberlain which provided a general update on a number of current issues relating to Business Rates and their potential impact on the City. 

RESOLVED, That – the report be noted.

Report of the Chamberlain

Members considered a report of the Chamberlain in respect of irrecoverable non-domestic rates, noting that the Finance Committee had delegated authority to the Head of Revenues to write off Council Tax and Non-Domestic Rates debts of up to £20,000, without seeking approval of the Committee.  Members noted that all available recovery procedures had been exercised in trying to recover the sums set out in the report but without success. 

RESOLVED, that - the write off of irrecoverable non-domestic rates in the sum of £1,793,299.67 be approved, noting that £570,550.81 will be met by the City Corporation and £16,017.44 borne from the proceeds of the City Premium.  NB. The debt relates to 11 companies dating back to 2011.011

Report of the Chamberlain.

Members considered a report of the Chamberlain in respect of the Procurement Code;  the policy which underpins all procurement and purchasing activity across the City of London and the City of London Police.  Procurement policies are reviewed annually to ensure they are up-to-date and still operationally viable. Members noted that ths year’s revisions support the aims and vision in the City Procurement Strategy 2020 – 2024 and recommendations submitted as part of the Fundamental Review.

RESOLVED, that the changes to the Procurement Code, as set out in the report, be effective from 1^st April 2020; noting that the main changes relate to the Procurement Thresholds and Processes (Rule 15), Contracts Lettings Thresholds (Rule 16); the Waiver Process (Rule 25); rules relating to contract changes (Rules 30-33), Payment Policy (Rule 43), Responsible Procurement Policy (rule 46), and the Social Value Panel (rule 48).

Report of the Chamberlain.

Members received a report of the Chamberlain which provided a quarterly update on the work of the Financial Services Division.

RESOLVED, that – the report be noted. 

Report of the Chamberlain.

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

RESOLVED – That the report be noted.

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 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). The decision related to a donation of £15,000 from the International Disasters Fund, via the British Red Cross, to support the Australian Red Cross in providing relief to those affected by the bushfires in the short and long term. 

RESOLVED – That the Committee notes the report.

OR

There were no decisions taken under Delegated Authority or Urgency Procedures since the last meeting.

Questions were raised as follows -

or

There were no questions.

The following items of urgent business were raised –

Or

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 21^st January 2020.

The non-public minutes of the meeting held on XXX were approved as an accurate record *subject to the following amendment(s)* -

Report of the Town Clerk.

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.

RESOLVED, that – the report be noted.

To receive the non-public minutes of the joint meeting of the Efficiency and Performance Sub Committee and the Resource Allocation Sub-Committee with Committee Chairmen.

RESOLVED, that - the non-public minutes of the Joint meeting of the Resource Allocation Sub and Efficiency & Performance Sub Committees (with Committee Chairmen) held on 23^rd January 2020 be noted.

Report of the Chamberlain.

Members received a report of the Chamberlain.

Report of the Managing Director of the Barbican Centre.

Members received a report of the Managing Director of the Barbican Centre.

Report of the Chamberlain.

Members received  report of the Chamberlain in respect of the next two items on the agenda: Bridge House Estates Reserves Policy; and BHE Allocation of Funding for ‘Bridging Divides’ Activities.

Report of the Chamberlain.

Members considered and approved a report of the Chamberlain.

Report of the Chamberlain.

The Committee considered and approved a report of the Chamberlain.

Report of the Director of the Built Environment.

The Committee considered and approved a report of the Chamberlain. 

Report of the Chamberlain.

Members considered and approved a report of the Chamberlain.

Report of the City Surveyor.

The Committee considered and approved a report of the City Surveyor.

Appendix to ITEM 17.

Members received an appendix in respect of agenda item 17.

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.

The Committee considered an item(s) of urgent business relating to XX.

OR

There were no items of urgent business.