Agenda item

Report of the Chamberlain

The Sub-Committee considered a Report of the City Surveyor concerning City’s Cash Financial Statements.

The Chairman pointed out that with the delays to Crossrail, the City should hold back from paying the final £50m until the project was delivered (now estimated in December 2019). Officers would examine options.

The Deputy Chamberlain added that during the year a painting in the City’s art collection was identified as having been stolen by the Nazis during the Second World War. The City returned the painting to members of the original owner’s family during the year and the painting’s carrying value of £1.2m has been treated as an impairment. Members asked her if officers could investigate the provenance of the painting to ascertain how the City bought the painting in the first place.

A Member asked whether he could receive an assurance that the City’s 20-year pension deficit elimination plan is on track, as the reduction in year 5/20 appears too small. In response she explained that the actuarial value of the deficit was healthy, and the progress in reducing the deficit over the last several years should encourage Members. She added that officers would be meeting the actuaries later in November for an update meeting and would report back to Members on their comments at the December Finance Committee meeting. The Chairman asked the Deputy Chamberlain to continue to liaise with Clare James on pensions issues.

RESOLVED – that Members approved the following:

·         consider the contents of the Audit Management Report issued by Moore Stephens LLP;

·         approve the City’s Cash Financial Statements for the year ended 31 March 2018 taking account of any observations from the Audit and Risk Management Committee; and

·         agree that the Financial Statements are signed by the Chairman and Deputy Chairman of the Finance Committee on behalf of the Court of Common Council.