Venue: Committee Room - 2nd Floor West Wing, Guildhall
Contact: John Cater
tel. no.: 020 7332 1426
Email: john.cater@cityoflondon.gov.uk
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Apologies Minutes: Apologies for absence were received from Dominic Christian, John Fletcher, Oliver Lodge, Alderman Sir Andrew Parmley and John Scott. |
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Members' Declarations under the Code of Conduct in respect of items on the agenda Minutes: There were no declarations of interest. .
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Minutes of the previous meeting PDF 100 KB To agree the public minutes of the meeting held on 15th October 2019. Minutes: RESOLVED – That the public minutes be approved as an accurate record, subject to the following amendment:
Deputy Philip Woodhouse reminded the Town Clerk that he had issued his apologies prior to the October meeting of the Finance Committee.
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Outstanding actions from previous meetings PDF 52 KB Report of the Town Clerk. Minutes: The Committee received a report of the Town Clerk which set out outstanding actions from previous meetings of the Committee.
RESOLVED – That the Committee notes the report. |
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Finance Committee's Forward Plan PDF 56 KB Report of the Chamberlain. Minutes: The Committee received a Joint Report of the Town Clerk and the Chamberlain detailing the Committee’s work plan for future meetings.
RESOLVED – that the Committee notes the Report |
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Report of the work of the Sub-Committees PDF 41 KB Report of the Town Clerk. Minutes: The Committee received a report of the Town Clerk which advised Members of the key discussions which had taken place during recent meetings of the Committee’s Sub-Committees.
RESOLVED – That the Committee notes the report. |
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City's Cash Financial Statements 2018/19 PDF 114 KB Report of the Chamberlain. Additional documents:
Minutes: The Committee considered a Report of the Chamberlain concerning the 2018/19 Financial Statements for City’s Cash.
RESOLVED – that the Committee approved the following:
· delegate approval of the City’s Cash Financial Statements for the year ended 31 March 2019 to the Chairman and Deputy Chairman, taking account of any observations from the Audit and Risk Management Committee on 19 November; and
· agree that the Financial Statements are signed by the Chairman and Deputy Chairman of the Finance Committee on behalf of the Court of Common Council. |
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Report of the Chamberlain. Minutes: The Committee considered a Report of the Chamberlain concerning the 2018/19 Annual Reports and Financial Statements for the City's Cash Trust Funds and Sundry Trust Funds
RESOLVED – that the Committee approved the following:
· delegate approval of the City’s Cash Financial Statements for the year ended 31 March 2019 to the Chairman and Deputy Chairman, taking account of any observations from the Audit and Risk Management Committee on 19 November; and
· agree that the Financial Statements are signed by the Chairman and Deputy Chairman of the Finance Committee on behalf of the Court of Common Council. |
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Guildhall Events - P&L Account Arrangements PDF 79 KB Joint Report of the Chamberlain, the Remembrancer and the City Surveyor.
Minutes: The Committee received a Joint Report of the Chamberlain, the Remembrancer and the City Surveyor concerning P&L account arrangements for events at Guildhall.
Members welcomed the progress made by officers and endorsed the principles in the Report; they were keen to see the fuller Report in December. The Chairman added that the aim should be to establish a culture of transparency for subsidies, costs and allocations.
RESOLVED – that the Committee noted the Report.
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Revenue Budget Monitoring to September 2019 PDF 117 KB Additional documents: Minutes: The Committee considered a Report of the Chamberlain concerning revenue budget monitoring.
Whilst Members welcomed the clarity in the Report, the Chairman asked officers to ensure that, in addition to minimising in-year adjustments, when changes did occur, they were highlighted clearly, and an explanation was provided.
Members asked officers to work with colleagues in the HR Department to ensure that, in an effort to better anticipate the pressures on the budget in good time, greater clarity was established earlier in the financial year about the broad outlook for the annual pay award.
RESOLVED – that the Committee approved the following:
· to note the report.
· in accordance with Financial Regulation 2.2 agree to waive £200k of the City Surveyor’s brought forward overspending from 2018-19 relating to additional security costs at the Guildhall complex.
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Financial Services Division - Quarterly Update PDF 71 KB Report of the Chamberlain. Additional documents: Minutes: The Committee received a Report of the Chamberlain concerning the Financial Services Division.
RESOLVED – that the Committee noted the Report. |
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Risk Management - Top Risks PDF 92 KB Report of the Chamberlain. Minutes: The Committee received a report of the Chamberlain which provided updates regarding the top risks within the Departmental Risk Register.
RESOLVED – That the Committee notes the report. |
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Central Contingencies PDF 55 KB Report of the Chamberlain. Minutes: 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.
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Questions on matters relating to the work of the Committee Minutes: There were no questions.
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Any Other Business that the Chairman considers urgent Minutes: There were no urgent items.
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Exclusion of the Public MOTION - That under Section 100(A) of the Local Government Act 1972, the public be excluded from the meeting for the following items on the grounds that they involve the likely disclosure of exempt information as defined in Part I of Schedule 12A of the Local Government Act. Minutes: RESOLVED - That under Section 100(A) of the Local Government Act 1972, the public be excluded from the meeting for the following items on the grounds that they involve the likely disclosure of exempt information as defined in Part I of Schedule 12A of the Local Government Act.
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Non-public minutes of the previous meeting To agree the non-public minutes of the meeting held on 15th October 2019. Minutes: The non-public minutes of the meeting held on 15th October were approved as an accurate record. |
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Report of the work of the Sub-Committees - non-public issues Report of the Town Clerk. Minutes: The Committee noted a report of the Town Clerk which advised Members of the key discussions which had taken place during non-public session at recent meetings of the Committee’s Sub-Committees. |
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Dispute Progress Verbal Report of the Chamberlain Minutes: The Committee considered a Report of the Chamberlain concerning the dispute around Police IT. |
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Fundamental Review Outputs Update Report of the Chamberlain
Minutes: The Committee received a Report of the Chamberlain concerning the Fundamental Review.
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Gresham College Funding Report of the Town Clerk.
To Follow. Minutes: This item was deferred. |
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Lease Restructure for a Capital Premium & Leasehold Acquisition - City's Estate Report of the City Surveyor. Minutes: This item was deferred. |
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Former Tenants Rent Arrears Write Offs Joint Report of the Comptroller & City Solicitor and the City Surveyor. Minutes: The Committee considered a Joint Report of the Comptroller & City Solicitor and the City Surveyor concerning rent arrears write offs.
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Non-public decisions taken under delegated authority and urgency procedures Report of the Town Clerk. Minutes: The Committee noted a report of the Town Clerk detailing non-public decisions taken under delegated authority and/or urgency procedures since the last meeting. |
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Contingencies appendix Minutes: |
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Non-public questions on matters relating to the work of the Committee Minutes: There were no non-public questions relating to the work of the Committee. |
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Any Other Business that the Chairman considers urgent and which the Committee agree should be considered whilst the public are excluded Minutes: There were no items of urgent business. |