Agenda item

Report of Action Taken: CLFS Loan

Report of Action Taken: City of London Freemen’s School Loan – to receive a report advising of action taken under urgency procedures.

 

Minutes:

 (B) Report of Action Taken: Phase 1 of the Freemen’s School Masterplan project – Loan

The Court received a report advising of action taken under urgency procedures in relation to a budget adjustment.

 

The Policy & Resources Committee and Resource Allocation Sub-Committee had agreed that an internal loan of up to £18.818m to should be granted to the City of London Freemen’s School to fund Phase 1 of the School’s Masterplan project.

 

Following that decision, the Finance Committee was required to approve a revision to the Corporation’s budget of up to £18.818m to facilitate the loan. In-year budget adjustments of this nature are required to be considered by the Finance Committee, which is responsible for making subsequent recommendations concerning budget adjustments to the Court.

 

Approval was sought and granted under urgency procedures, to allow for works to be undertaken during the summer holiday period.

 

Resolved – That the action taken under urgency procedures be noted.

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