Agenda item

Report of the Chamberlain.

Members received a Report of the Chamberlain on City Cash’s Financial Statements for 2016/17. The following points were made.

A Member asked whether City Re could be located in London, but it was explained that the re-insurance expertise was located in the Channel Islands and was not available in London.

Separately concerns were raised about the impact of Brexit on the rental property income stream (roughly 50% of total income). Officers reassured members that, so far no noticeable drop had been detected, current analysis indicates a worst case estimate of a 15% drop.

RESOLVED – that Members;

o   Considered the contents of the Audit Management Report issued by Moore

Stephens LLP;

o   Approved the City’s Cash Financial Statements for the year ended 31 March 2017, taking account of any observations from the Audit and Risk Management Committee; and

o   Agreed that the Financial Statements are signed by the Chairman and

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