Agenda item

Report of the Chamberlain.

(TO FOLLOW)

Members considered a report of the Chamberlain, in line with a resolution from the Streets & Walkways Sub-Committee.

The Policy Chair set out the aims of the fundamental review and encouraged Members of this Sub-Committee to approach the various projects with a certain level of discipline.

Members discussed the All Change at Bank project and whether it fell within the criteria of the fundamental review, due to increased safety concerns with the increase of pedestrians following the Bank Station Upgrade in 2022 as well as reputational concerns due to any delay to the project. Members agreed that there should be a wider review of the On-Street Parking Reserve and what that is allocated to, and 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.

There was also a longer discussion around the funding of both the City of London School for Girls and City of London School for Boys respective projects and ensuring there remained consistency between the two projects.

RESOLVED – that:

·         The following schemes be allowed to progress:

o   Repairs to Holborn Viaduct and Snow Hill Pipe Subways over Thameslink

o   All Change at Bank

o   Wanstead Park Ponds

o   City of London Girls’ School Expansion – Loan facility

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

·         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.

·         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.

·         The scope of central funding sources captured within this review be noted as set out in paragraph 8 and confirm the principle of prioritisation to be adopted when considering funding allocation, in the first instance considering the scheme objectives against agreed corporate priorities, irrespective of the specific source of central funding to be applied.

·         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.

·         Approve that details of the annual bid process as set out in the report.