Agenda item

Report of the Chamberlain

The Committee considered a Report of the Chamberlain concerning administration for the London wide Strategic Investment Pot (SIP).

RESOLVED – that Members approved the following

·         Approve the financial administration arrangements for the Strategic Investment Pot, as laid out in paragraph 6.

·         Delegate authority to the Comptroller and City Solicitor, in consultation with the Chamberlain, to complete, make minor amendment to and execute the agreements with accountable boroughs for the SIP.

·         Authorise the Chamberlain to make the payments required under the agreements up to the total SIP allocations agreed by the Policy and Resources Committee.

·         Note that if the pilot is extended to 2019/20 there will be further SIP allocations made for the balance of any 2018/19 funds and the estimated 2019/20 SIP. If no changes are proposed to the arrangements, Officers will not seek further approvals to enact them in the same form once resources are allocated.