Agenda and minutes

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

Contact: Julie Mayer tel. no.: 020 7332 1427  Email: julie.mayer@cityoflondon.gov.uk

Items
No. Item

1.

Apologies

Minutes:

Apologies for absence were received from Nick Anstee, Nick Benstead Smith, Simon Duckworth, Chris Haywood, Tom Hoffman, Wendy Hyde, Oliver Lodge, Hugh Morris, Sir Michael Snyder and James Thompson.

 

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

2.

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

Minutes:

Dominic Christian declared a non-pecuniary interest in respect of item 25 - Purchase of the Freehold of 20 & 21 Aldermanbury (City's Estate) - Chartered Insurance Institute, as he is a recent President of the Institute of Insurance of London.  Mr Christian would therefore refrain from commenting or participating in any discussion or future vote on this item.   

 

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

3.

Minutes of the previous meeting pdf icon PDF 209 KB

To agree the public minutes and non-public summary of the meeting held on 6th June 2017.

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

Minutes:

RESOLVED – That the public minutes and non-public summary of the meeting held on 6th June 2017 be approved.

 

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

4.

Outstanding actions from previous meetings pdf icon PDF 138 KB

Report of the Town Clerk.

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

Minutes:

The Committee considered a report of the Town Clerk which set out outstanding actions from previous meetings of the Committee.  Members agreed that the following items could be removed as they had been actioned or were being followed up by the sub committees:

 

  • Charities Pool Register
  • Provisional Outturn (positive variances)
  • Members’ IT issues
  • Electoral Services Team Budget
  • Disaster Relief Donations
  • Members’ Financial Loss Allowance Scheme
  • Christmas Donations

 

RESOLVED – That the Committee notes the report.

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

5.

Report of the work of the Sub-Committees pdf icon PDF 121 KB

Report of the Town Clerk.

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

Minutes:

6.

Draft public Minutes of Sub-Committees pdf icon PDF 155 KB

·       To receive the draft minutes and non-public summary of the meeting of the IT Sub Committee on 26 May 2017.

 

·       To receive the draft minutes and non-public summary of the meeting of the Corporate Asset Sub Committee on 18 July 2017.

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

Additional documents:

Minutes:

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

 

-         Corporate Asset Sub-Committee held on 18 July 2017.

-         Information Technology Sub-Committee held on 26 May 2017.

 

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

7.

2016/17 City Fund and Pension Fund Financial Statements pdf icon PDF 312 KB

Report of the Chamberlain.

 

The  report and financial statements will be presented to the Audit and Risk Management Committee on 24th July 2017 and the Court of Common Council on 12th October 2017.

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

Additional documents:

Minutes:

Members considered a report of the Chamberlain and the External Auditors in respect of the 2016/17 City Fund, Pension Fund, and Bridge House Estates Financial Statements.  The Chairman had agreed to accept an urgent item of Business in respect of the Bridge House Estates Statement of Accounts 2016/17, as they had been prepared 2/3 months ahead of schedule.  The documents had been emailed and tabled for Members, along with the draft minute from the Audit and Risk Management Committee, which had met the previous day. This draft minute summarised the discussion and recommended that the Finance Committee approve the 2016/17 City Fund, Pension Fund, and Bridge House Estates accounts. 

 

In addition to the questions raised at the Audit and Risk Management Committee, Members noted that the Actuarial update on market valuations could be provided before the next pension fund valuation. The Chamberlain offered to re-circulate the Actuarial report which had been presented to the Investment Committee. 

 

The Chairman commended officers and auditors on the early and accurate production of both set of accounts.

 

RESOLVED, that :

 

1.         The comments and recommendations of the Audit and Risk Management Committee in respect of BDO’s reports on the City Fund and Pension Fund be noted and the City Fund and Pension Fund Financial Statements for the year ended 31 March 2017 be approved.

 

2.         Authority be delegated to the Town Clerk, in consultation with the Chairman and Deputy Chairman of the Finance Committee, to approve any material changes to the financial statements required before the signing of the audit opinion by BDO - which is expected to be by the end of August or early September.  (NB. Any material changes will be circulated to Members of the Audit and Risk Management and Finance Committees)

 

3.         The comments and recommendations of the

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

8.

Chamberlain's Risk Register - First Quarter update pdf icon PDF 244 KB

Report of the Chamberlain.

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

Additional documents:

Minutes:

The Committee considered a report of the Chamberlain which provided updates regarding the top risks within the Departmental Risk Register.  Members noted an error in that Corporate Risk 16 Information Security should be Red and not Amber, as set out in the report.

 

 

RESOLVED – That the Committee notes the report.

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

9.

Budget Monitoring - Quarterly Update pdf icon PDF 324 KB

Report of the Chamberlain.  

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

Minutes:

10.

Chamberlain’s Business Plan – Quarterly Update pdf icon PDF 113 KB

Report of the Chamberlain.

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

Additional documents:

Minutes:

The Committee received a report of the Chamberlain which provided the quarterly business plan update.

 

RESOLVED – That the report be noted.

 

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

11.

City Procurement - Quarterly Update pdf icon PDF 385 KB

Report of the Chamberlain.

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

Minutes:

The Committee received a report of the Chamberlain which provided the quarterly update on City procurement.

 

RESOLVED – That the report be noted.

 

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

12.

Central Contingencies pdf icon PDF 86 KB

Report of the Chamberlain.

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

Additional documents:

Minutes:

The Committee received a report of the Chamberlain which provided an update on central contingencies.

 

RESOLVED – That the report be noted.

 

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

13.

City Re Ltd - Performance Monitoring pdf icon PDF 146 KB

Report of the Chamberlain.

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

Additional documents:

Minutes:

The Committee received a report of the Chamberlain which provided a performance update on City Re Ltd.

 

RESOLVED – That the report be noted.

 

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

14.

Decisions taken under delegated authority and urgency procedures pdf icon PDF 139 KB

Report of the Town Clerk.

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

Minutes:

The committee received a report of the Town Clerk in respect of a decision taken under urgency, in accordance with Standing Order 41(a), since the last meeting of the Committee.

 

Beech Street Property Uses – request for additional funding to explore options for the School and Cultural Hub in more detail.

 

 

 

Action taken:

 

(i) up to £50k was approved  from the Finance Committee City’s Cash contingency, to allow the City of London School for Girls to explore the options identified, including Exhibition Hall 2, in greater detail; and

 

(ii) up to £50k was approved from the Finance Committee City Fund contingency, to enable the Barbican Centre, on behalf of the Cultural Hub, to explore the potential use of Exhibition Hall 2 in greater detail, to align with aims and objectives of the Cultural Hub.

 

 

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

15.

Questions on matters relating to the work of the Committee

Minutes:

 

There were no questions.

 

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

16.

Any Other Business that the Chairman considers urgent

Minutes:

The Chairman agreed to the admission of an item of urgent business in respect off the 2016/17 Bridge House Estates, which was considered and approved at Agenda Item 7.

 

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

17.

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 17.

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.

 

Item No.

Paragraphs in Schedule 12A

16-24, 26, 27

3

25

1 and 3

 

 

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

18.

Non-public minutes of the previous meeting

To agree the non-public minutes of the meeting held on 6th June 2017.

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

Minutes:

The non-public minutes of the meeting held on 6 June 2017 were approved as an accurate record.

 

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

19.

Outstanding actions from non-public minutes of previous meetings

Report of the Town Clerk.

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

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 19.

20.

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

Report of the Town Clerk.

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

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 20.

21.

Draft Non-public minutes of Sub-Committees

·       To receive the draft non-public minutes of the IT Sub-Committee meetings held on 26 May 2017.

 

·       To receive the draft non-public minutes of the Corporate Asset Sub Committee on 18 July 2017.

 

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

Minutes:

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

 

 

-         Corporate Asset Sub-Committee held on 18 July 2017

-         Information Technology Sub-Committee held on 26 May 2017

 

 

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

22.

Provision of a Uniform Managed Service for the City of London Police

Report of the Commissioner, City of London Police. 

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

Minutes:

23.

Action and Know Fraud Centre - Contract Service Budget

Report of the Commissioner, City of London Police.

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

Minutes:

24.

City of London Freemens School Main House (Phase 2) - Gateway 4 - Detailed Options Appraisal

Report of the City Surveyor and Headmaster of the City of London Freemen’s School.

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

Minutes:

25.

Purchase of the freehold of 20 & 21 Aldermanbury (City's Estate) - Chartered Insurance Institute

Report of the City Surveyor.

 ...  view the full agenda text for item 25.

Minutes:

26.

Bridge House Estates -21 Lime Street - Purchase of Freehold Development Site - Confirmation of Final Price

Report of the City Surveyor.

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

Minutes:

27.

Risk Register for Bridge House Estates

Report of the Chamberlain.

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

Minutes:

28.

London Local Government Pension Scheme CIV Ltd

Report of the Chamberlain.

 ...  view the full agenda text for item 28.

Minutes:

29.

Waivers Annual Report 2016/17

Report of the Chamberlain.

 ...  view the full agenda text for item 29.

Minutes:

30.

Report on Waivers at £50,000 and over granted since the last meeting of the Finance Committee

Report of the Chamberlain.

 ...  view the full agenda text for item 30.

Minutes:

31.

Procurement Compliance Reviews Annual Report

Report of the Chamberlain.

 ...  view the full agenda text for item 31.

Minutes:

32.

Provision of Managed Print and Digital Services Contract - Procurement - Stages 1 & 2

Report of the Chamberlain.

 ...  view the full agenda text for item 32.

Minutes:

33.

Corporate Catering Services Procurement - Stage 1

Report of the Chamberlain.

 ...  view the full agenda text for item 33.

Minutes:

34.

Non-public decisions taken under delegated authority and urgency procedures

Report of the Town Clerk.

 ...  view the full agenda text for item 34.

Minutes:

35.

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 35.

36.

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 36.