Agenda item

Report of the Town Clerk.

The Committee considered a report of the Town Clerk which advised Members of the key discussions which had taken place during a recent meeting of the Procurement Sub-Committee.

The Chair of the Procurement Sub-Committee highlighted a report that updated Members on City Procurement’s plan to improve 10-day payment performance, which mainly related to the payment of invoices from small and medium sized enterprises (SMEs). Since the action plan was produced City Procurement has seen a positive impact with 10-day payment performance increasing from 84% in October to 91% in November.

With most of the action plan now completed, and the move from calendar days to working days for 10-day invoice payments, there has been a significant improvement in the figures and having exceeded the 85% target in November, the expectation is that this will be repeated each month for the remainder of the current financial year. Compared to other Local Authorities within Greater London, the City Corporation appears to be leading the way, not only in terms of paying SMEs within 10 days, but also with regard to paying all suppliers within 30 days. A further update will be provided in the spring.

RESOLVED – That the Committee notes the report.