Agenda item

Report of the Chamberlain. This report was approved by the Finance Committee on 15 November 2016.

The Sub-Committee considered a report of the Chamberlain which set out proposals to establish a Procurement Invest to Save Fund, using a percentage of the annual savings generated by City Procurement to fund bids for continuous improvement procurement projects.

A Member noted that, when this report had been considered at Finance Committee, he had suggested that the limit for annual funding for the Fund should be higher than £250k. The Finance Committee had agreed that, if opportunities were identified which required a higher level of funding, these could be brought back to the Finance Committee for approval.

The Chamberlain confirmed that this Fund was solely for invest-to-save initiatives related to procurement and would not be available for invest-to-save initiatives in other areas.

RESOLVED – That the Sub-Committee notes the report.