Agenda item

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.

The Chairman reminded Members and officers that the Finance Contingency Fund is the option of last resort. When sourcing funding for new projects, officers had to appreciate that resources are finite, and should, in the first instance, look to manage and reprioritise their current commitments, in short, officers should always look to remain within their budget envelope. He added that adverse variances needed to be explained but would not automatically receive censure if the reasons were sound.

The Chairman queried why Central Risk seemingly contained little flexibility. It was inevitable that unexpected events would occur from time-to-time, referencing the recent fire at Epping Forest as a case in point. He informed Members that the Chamberlain would be presenting a Report later this year on contingency funding.  

RESOLVED – That the Committee noted the report.