Agenda and minutes

Venue: Committee Room - 2nd Floor West Wing, Guildhall

Contact: John Cater
tel. no.: 020 7332 1407  Email: john.cater@cityoflondon.gov.uk

Items
No. Item

1.

Apologies

Minutes:

Apologies for absence were received from Oliver Lodge, Paul Martinelli, and Benjamin Murphy.

 ...  view the full minutes text for item 1.

2.

Members' Declarations under the Code of Conduct in respect of items on the agenda

Minutes:

Deputy Chadwick, Jamie Ingham Clark, Alderman Jones, and Ian Seaton declared non-pecuniary interests in respect of item 17 due to holding positions at St Lawrence Jewry.

 

 ...  view the full minutes text for item 2.

3.

Minutes of the previous meeting pdf icon PDF 214 KB

To agree the public minutes of the meeting held on 10th November 2020.

 ...  view the full agenda text for item 3.

Minutes:

RESOLVED – That the public minutes of the meeting held on 10th November 2020 be approved as an accurate record.

 

 ...  view the full minutes text for item 3.

4.

Finance Committee's Forward Plan pdf icon PDF 83 KB

Report of the Chamberlain.

 ...  view the full agenda text for item 4.

Minutes:

The Committee received a joint Report of the Town Clerk and the Chamberlain

concerning the Committee’s workplan for the next seven months.

 

RESOLVED that the Committee noted the Report.

 ...  view the full minutes text for item 4.

5.

Report of the work of the Sub-Committees pdf icon PDF 121 KB

Report of the Town Clerk.

 ...  view the full agenda text for item 5.

Minutes:

The Committee considered 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 noted the report.

 ...  view the full minutes text for item 5.

6.

Revenue Budget Monitoring to October 2020 pdf icon PDF 329 KB

Report of the Chamberlain.

 ...  view the full agenda text for item 6.

Additional documents:

Minutes:

The Committee received a Report of the Chamberlain concerning the Corporation’s financial position and the impact of COVID-19 on budgets up to the end of October.

 

In response to a query, the Chamberlain highlighted that the forecast year-end position across all funds is an overspend of £32.9m at the end of October (Period 7). This represented an improved position of £3.2m when compared to £36.1m at the end

of September, this was primarily driven by a reduction in expenditure for Barbican Centre

(£1.4m) and additional income for the City of London Police (£1.0m).

 

Despite the improvement, the full scale of rental losses, whilst for now, largely undetermined, will likely have a significant material impact on the Corporation’s financial position in 2021 and could offset the improvements we have made in recent weeks.  

 

In response to a separate query concerning the availability of business interruption insurance, officers and other Members responded that whilst business interruption related insurance products, including Pandemic cover, are available on the market, they come at a significant cost. A court case currently taking place is examining whether insurers are liable to provide insurance payouts to small businesses as a result of Covid. Officers will keep both the case monitored, and, more widely, whether Covid prompts more competitive prices for business interruption insurance products.

 

RESOLVED – That the Committee noted the Report.

 

 

 ...  view the full minutes text for item 6.

7.

Risk Management - Top Risks pdf icon PDF 136 KB

Report of the Chamberlain.

 ...  view the full agenda text for item 7.

Additional documents:

Minutes:

The Committee received a Report of the Chamberlain which provided updates regarding the top risks within the Departmental Risk Register.

 

The Chairman of the Police Authority Board (in attendance as a Member of the Finance Committee) took the opportunity to emphasise his ambition to reduce the Police Funding Risk from Red to Amber in 2021.

 

RESOLVED – That the Committee noted the report.

 ...  view the full minutes text for item 7.

8.

Draft Chamberlain's Business Plan for 2021/22 pdf icon PDF 152 KB

Report of the Chamberlain.

 ...  view the full agenda text for item 8.

Additional documents:

Minutes:

The Committee considered a Report of the Chamberlain concerning the Business Plan for the Chamberlain’s Department for 2021/22.

 

In response to a query, the Chamberlain emphasised that when it comes to projects, the charging mechanisms for support services such as finance, legal advice, and procurement have been developed with the aim of producing more transparent and comprehensive costings for Members and officers alike. The Chairman welcomed this approach and stressed that hidden, implicit subsidies for projects needed to be avoided; Members and officers needed to be fully cognisant of the costs and where those costs fell.

 

RESOLVED – that the Committee:

 

i) Noted the factors taken into consideration in compiling the Chamberlain’s Department Business Plan; and

 

ii) Approve, subject to the incorporation of any changes sought by this Committee, the departmental Business Plan for Chamberlain’s for 2021/22 (or the elements therein that fall within this committee’s Terms of Reference).

 ...  view the full minutes text for item 8.

9.

Chamberlain's 2021/22 Budget Estimate

Report of the Chamberlain.

 

To Follow.

 ...  view the full agenda text for item 9.

Minutes:

The Committee received a Report of the Chamberlain concerning the departmental budget estimate for 2021/22.

 

RESOLVED – that the Committee noted the Report.

 ...  view the full minutes text for item 9.

10.

Corporate Property Asset Management Strategy 2020-25 pdf icon PDF 99 KB

Report of the Chamberlain.

 ...  view the full agenda text for item 10.

Additional documents:

Minutes:

The Committee considered a Report of the City Surveyor concerning the Corporate Property Asset Management Strategy.

 

In response to a query, officers confirmed that an annual progress report would be submitted to the Corporate Asset Sub Committee, which would detail asset disposals, re-utilisations, and refurbishments, and whether these complied with the Framework in the Asset Management Strategy. The Framework provided the foundation and was intended to guide officers when taking practical decisions about assets.

 

RESOLVED – that the Committee approved the revised Corporate Property Asset Management Strategy.

 ...  view the full minutes text for item 10.

11.

IT Division - Member Update pdf icon PDF 154 KB

Report of the Chamberlain.

 ...  view the full agenda text for item 11.

Minutes:

The Committee received a Report of the Chamberlain concerning the IT Division.

 

The Chairman of the Digital Services Sub-Committee noted that the migration from the server farms into the cloud continues to be very well managed and it would, he added, make the organisation more resilient in future.

 

The Deputy Chairman of the Digital Services Sub-Committee added that he had been very impressed by the recent IT focussed workshops for Members, the openness to engage Members, many of whom had direct external experience of the IT industry, was clearly beneficial and something to be emulated in other areas.

 

RESOLVED – that the Committee noted the Report.

 ...  view the full minutes text for item 11.

12.

Central Contingencies pdf icon PDF 71 KB

Report of the Chamberlain.

 ...  view the full agenda text for item 12.

Minutes:

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


RESOLVED – That the Committee noted the report.

 ...  view the full minutes text for item 12.

13.

Questions on matters relating to the work of the Committee

Minutes:

There were no questions.

 

 ...  view the full minutes text for item 13.

14.

Any Other Business that the Chairman considers urgent

Minutes:

There were no urgent items.

 

 ...  view the full minutes text for item 14.

15.

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.

 ...  view the full agenda text for item 15.

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.

 

 ...  view the full minutes text for item 15.

16.

Non-public minutes of the previous meeting

To agree the non-public minutes of the meeting held on 10th November 2020.

 ...  view the full agenda text for item 16.

Minutes:

The non-public minutes of the meeting held on 10th November 2020 were approved as an accurate record.

 ...  view the full minutes text for item 16.

17.

Report of the work of the Sub-Committees - non-public issues

Report of the Town Clerk.

 ...  view the full agenda text for item 17.

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.

 

 ...  view the full minutes text for item 17.

18.

City's Estate: Surrender and Re-grant - Two New 125 Year Leases

Report of the City Surveyor.

 ...  view the full agenda text for item 18.

Minutes:

The Committee considered a Report of the City Surveyor concerning the surrender of two existing long leases and the grant of two new long leasehold interests.

 ...  view the full minutes text for item 18.

19.

City's Estate: Headlease Acquisition and Leaseback

Report of the City Surveyor.

 

To Follow.

 ...  view the full agenda text for item 19.

Minutes:

The Committee considered a Report of the City Surveyor concerning the Purchase of a Long Leasehold and Leaseback.

 ...  view the full minutes text for item 19.

20.

Central Contingencies - Non-Public Appendix

Minutes:

The Committee received the appendix for the (public) Central Contingencies Report (ITEM 12 on today’s agenda).

 

 

 ...  view the full minutes text for item 20.

21.

Non-public questions on matters relating to the work of the Committee

Minutes:

Members considered a non-public question relating to the work of the Committee.

 

 ...  view the full minutes text for item 21.

22.

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.

 ...  view the full minutes text for item 22.