Agenda and minutes

Apologies for absence were received from John Fletcher, Oliver Lodge, Paul Martinelli and Andrien Meyers.

There were no declarations of interest.

To agree the public minutes of the virtual meeting held on 19^th May 2020.

RESOLVED – That the public minutes of the meeting held on 19^th May 2020 be approved as an accurate record.

Report of the Town Clerk.

The Committee received a Report of the Town Clerk concerning the appointment of Philip Woodhouse to the Procurement Sub-Committee for the remainder of the 2019/20 civic year.

In addition, further to the confirmation that the meeting of the Court of Common Council on 16th July would be the first of the 2020/21 Civic Year, the Chairman provided a brief update on the arrangements for the July Finance Committee meeting; namely, whilst new appointments would be considered at the FC meeting on 21st July, it was anticipated that, given at the May FC meeting, several Members were appointed to the Subs (and some Members took the opportunity to step down), any further changes next month, would be limited.

RESOLVED – that the Committee approved Philip Woodhouse is appointed to the Procurement Sub-Committee for the remainder of the 2019/20 civic year.

Report of the Chamberlain.

The Committee received a Report of the Chamberlain concerning the impact of Covid-19 on the Corporation’s Revenue Budgets as at end of period 2 of the 2020/21 financial year.

The Chamberlain opened the discussion by highlighting the improved outlook compared to the last time he presented to the Committee in May; namely, the estimated overall forecast year-end overspend across all the funds is an improved position of £30.4m (average £3m per month across the year).

This comprises an adverse variance of £21.6m (9%) on Chief Officer Cash Limited Budgets, mainly on City Fund, and an adverse variance of £8.8m (20%) on Central Risk Budgets (excluding The City Bridge Trust grant giving and London Community Response Fund advance commitments).

Whilst these revised forecasts were encouraging, Members should be in no doubt as to the formidable challenges that lie ahead, not least in ensuring that the Corporation’s legal obligation to balance City Fund over the medium-term was achieved.

In terms of the drivers of income losses; whilst firm figures on rental income, taking

into account the Corporation’s financial support to tenants, the scale of bad debts at year end, and the broader economic fallout on demand for office space, were all difficult to fully determine at the moment, the immediate consequences have fallen predominantly on the Barbican Centre, the Guildhall School of Music and Drama (GSMD), the Corporation’s three fee paying schools, and areas under the Open Spaces department’s remit.

In response to a query, the Chamberlain confirmed that the Commissioner of the City of London Police was projecting an underspend due to him being unable to recruit to the degree he had anticipated pre-Covid. Whilst further departmental underspends were not immediately forthcoming, it was hoped that more would emerge in due course.

In terms of next steps, the Chamberlain

Report of the Town Clerk.

The Committee considered a report of the Town Clerk which provided information of the action taken by the Town Clerk since the last meeting of the Committee, in consultation with the Chairman and Deputy Chairman, in accordance with Standing Order 41(b). The decision related to a £20,000 donation (sourced from Finance Committee’s International Disasters Fund) to St John Ambulance to support the Charity in its response to the Coronavirus Pandemic.

Members welcomed the decision to grant the donation and hoped it would set an example to others to follow.

RESOLVED – That the Committee notes the report.

There were no questions.

There were no urgent items.

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.

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.

To agree the non-public minutes of the meeting held on 19^th May 2020.

The non-public minutes of the meeting held on 19th May were approved as an accurate record.

Report of the Chamberlain.

The Committee received a Report of the Chamberlain concerning the Corporation’s loan facilities to the institutional departments and third-party bodies within the City of London Corporation ‘family’, e.g. sponsored academies and the Museum of London.

Joint Report of The Town Clerk & Chief Executive and The Chief Grants Officer & Director of City Bridge Trust.

The Committee received a joint Report of the Town Clerk & Chief Executive and The Chief Grants Officer & Director of City Bridge Trust.

Report of the Town Clerk.

The Committee noted a report of the Town Clerk detailing a non-public decision taken under delegated authority procedures since the last meeting.

There were no non-public questions relating to the work of the Committee.

There were no items of urgent business.