Agenda item

Report of the Chamberlain.

Appendices circulated separately.

The Committee received a Report of the Chamberlain concerning the 2018-19 City Fund and Pension Fund.

The Chamberlain provided a brief overview of the Report and referred to the discussion at the recent meeting of the Audit and Risk Management Committee, they advised that BDO’s current guidance on the McCloud judgement was for the Corporation to make provision for any liability that could arise in its pension scheme due to McCloud.

The Chairman thanked officers for their annual briefing on this topic to Members the previous day. He requested that in future a briefing note was circulated before that session, so Members came in fully prepared with questions.

The Chamberlain asked that, given the extended absence of Peter Kane, the second recommendation in the Report be amended to the following: … “Delegate to the Deputy Chamberlain, in consultation with the Chairman…”

The Chairman added that Members will be made fully aware if any material changes arise before final sign off by BDO at the end of July.

RESOLVED – that the Committee approved the following:

• the 2018-19 City Fund and Pension Fund Statement of Accounts; and

• Delegate to the Deputy Chamberlain, in consultation with the Chairman and Deputy Chairman of Finance Committee, approval of any material changes to the statement of accounts required before the signing of the audit opinion by BDO – which is expected by the end of July