Agenda item

Report of the Chamberlain (TO FOLLOW).

The Committee considered a report of the Chamberlain, together with a resolution from the Streets & Walkways Sub-Committee.

It was noted that this item had been discussed at length by the Resource Allocation Sub-Committee earlier that day, with particular reference to the All Change at Bank project. It had been agreed that there should be a wider review of the On-Street Parking Reserve and the prioritisation of projects therein, with a view to identifying prospective funding for this project to proceed. The Policy and Resources Committee endorsed the recommendation that delegated authority be granted to the Town Clerk, in consultation with the Chair and Deputy Chairman of Resource Allocation Sub Committee and the Chairman and Deputy Chairman of the Streets and Walkways Sub-Committee, to consider the status of the All Change at Bank project and associated funding following this process.

RESOLVED: That:-

1.     The following schemes be allowed to progress:

a.     Repairs to Holborn Viaduct and Snow Hill Pipe Subways over Thameslink

b.     All Change at Bank

c.      Wanstead Park Ponds

d.     City of London Girls’ School Expansion – Loan facility

2.     Consideration of the release of £660k, to be drawn from the balances currently available in the On-Street Parking Reserve, be delegated to the Town Clerk, in consultation with the Chair and Deputy Chairman of the Resource Allocation Sub Committee and the Chairman and Deputy Chairman of Streets & Walkways Sub-Committee.

3.     The release of the £15.45m be approved to be drawn-down from the general reserves of City’s Cash, subject to the approval of the relevant gateway reports.

4.     It be recommended to the Finance Committee and Court of Common Council to approve the allocation of up to £15.45m from the general reserves of City’s Cash to provide loan funding for the Girls’ School expansion project and fees to commence the Wanstead Ponds project.

5.     The scope of central funding sources captured within this review be noted as set out in the report and that the principle of prioritisation to be adopted when considering funding allocation be confirmed, in the first instance considering the scheme objectives against agreed corporate priorities, irrespective of the specific source of central funding to be applied.

6.     It be noted that the case for central support to cover loss experienced by third party funders as a direct result of schemes being deferred or cancelled due to the fundamental review will be considered on a case by case basis.

7.     The details of the annual bid process be approved as set out in the report.