Agenda item

Report of the Chamberlain.

The Committee received a Report of the Chamberlain concerning financial appraisals for procurement.

RESOLVED – that the Committee approved the following:

·         Noted the informal recommendation by Resource Allocation Sub Committee of

the Chamberlain’s Fundamental Review recommendation for the use of a credit

agency to provide financial checks for suppliers rather than in-house appraisal;

and to receive a verbal update on whether the proposal has been ratified by

Policy and Resources Committee.

·         Approved from 1 January 2020 that the financial assessment criteria used for

suppliers bidding for “low risk” procurements above the OJEU services and the

City’s £400,000 works thresholds are replaced by credit rating agency checks.

·         Approved changes to Part 2 of the Procurement Code and the Financial Appraisal

Procedure Guide to include distinction between ‘low risk’ and ‘not low risk’.