Agenda item

Report of the Chamberlain.

The Committee considered a report of the Chamberlain which provided Members with information regarding the current balance of the Finance Committee Contingency Funds for the current year.

The Chairman informed Members that he had asked the Central Grants Unit to look at the practicalities of the Corporation making a £15,000 donation, via Finance Committee’s International Disaster Fund, to support efforts to respond to the recent Australian bushfires. This sum would be in addition to the Hospitality Working Party’s recent agreement to host a fundraising dinner for the Australian High Commission in March (estimated cost: £15,000), it was also suggested that formal confirmation of the proposed donation would be announced at the Dinner.

A Member pointed out that if the £15,000 was donated, without further calls on the Fund, £35,000 would be left over by the financial year end. The Chairman suggested that if any monies were left unallocated by 31^st March these should be carried forward into FY 2020/21. 

Separately, the Chairman informed Members that he had been approached by officers to approve the allocation of up to £400,002 from the 2019 City Fund Finance Committee Contingency Fund to facilitate a leaseback arrangement for Wood Street police station. This sum would cover additional rent payable of £66,667 per calendar month for a period of up to 6 months from 10th December 2020, should the need arise.

Members endorsed the Chairman’s proposal that the sum shall be carried forward to the 2020 financial year and ringfenced for draw-down for this specific purpose during the 2020/21 and 2021/22 financial years as appropriate. Any unspent funds will not be added back to the general Finance Contingency Fund.

RESOLVED – that the Committee notes the report