Agenda and minutes

Apologies for absence were received from Graeme Doshi-Smith, Alderman Emma Edhem, Oliver Lodge, Hugh Morris, and William Pimlott.

On behalf of the Committee, the Chairman took the opportunity to thank the departing Dominic Christian, Caroline Haines, Alderman Greg Jones, and Alderman Nicholas Lyons for their contributions during their time on the Committee.

The Chairman welcomed Henry Colthurst, Alderman Edhem, Alderman Hughes-Penney, and Alderman King to the Committee.

There were no declarations of interest.

Jamie Ingham Clark moved a voted of thanks to Jeremy Mayhew, the immediate past Chairman.

RESOLVED UNANIMOUSLY: That the Members of the Finance Committee express their sincere thanks to:

JEREMY MAYHEW

for the extremely able manner and good humour in which he has presided over their deliberations and the detailed attention and interest he has shown in all aspects of the work of the Finance Committee for the past five years.

Jeremy has overseen a challenging time for the Corporation’s finances with reductions in Government funding, uncertain times for the British Economy and most recently the COVID pressures with significant income losses from our property investment portfolio and from the closure of many services. 

He has ably overseen a Fundamental Review, realigning resources to the Corporation’s priorities whilst making a 15% saving; and facilitated greater collaboration, working closely with the Policy Chair and Service Committee Chairman in the latest budget round, securing 12% savings.

If Jeremy were to have a tattoo on each arm, I’m sure it would be efficiency on the one and prioritisation on the other.

He has often told us that his instincts are to be a low tax politician.  But in practice, his prudency is for a purpose. Jeremy’s legacy is one of being tough on spending…. but with a heart - protecting services for the most vulnerable in our communities, such as rough sleeping and social care.   He has been a strong advocate for the provision of support to our Academies and increased disaster relief funding, again helping those most in need.  He was also instrumental in re-focusing our investment in culture into the renewal of the Barbican Centre. In financing these plans, Jeremy led a working party delivering an award-winning private placement under a radical and innovative green and sustainable financing framework.

Jeremy has

To agree the public minutes of the meeting held on 13^th April 2021.

RESOLVED – That the public minutes of the meetings held on Tuesday, 13^th April and Thursday, 6^th May be approved as accurate records.

Report of the Chamberlain.

The Committee received a Report of the Chamberlain concerning the Committee’s workplan for the next eight months.

RESOLVED – That the Committee noted the Report.

Report of the Town Clerk.

The Committee considered a report of the Town Clerk which advised Members of the key public discussions which had taken place during a recent meeting of the Corporate Asset (Finance) Sub-Committee.

RESOLVED – That the Committee notes the report.

Report of the Town Clerk.

The Committee considered a report of the Town Clerk regarding the composition and Terms of Reference of the Committee’s Sub-Committees for 2021/22, the appointment of Members to those Sub-Committees and the appointment of representatives to a number of other City Corporation positions.

RESOLVED – that Members approved the following:

Terms of Reference and Composition

• Members agreed the composition and Terms of Reference of the following Sub Committees:

Corporate Asset Sub Committee

Digital Services Sub Committee

Efficiency and Performance Sub Committee

Finance Grants Oversight and Performance Sub Committee

Procurement Sub-Committee

Appointments

• Members agreed to the Chairman and the Deputy Chairman of the Finance Committee being appointed to serve on the Sub-Committees and the following appointments as Chairmen and Deputy Chairmen of the respective Sub Committees:

Corporate Asset Sub Committee

·         James De Sausmarez (Chairman)

·         Shravan Joshi (Deputy Chairman, subject to Mr Joshi’s appointment to CASC being confirmed at the May meeting of the Property Investment Board)

Digital Services Sub Committee

·         Randall Anderson (Chairman)

·         Alderman Sir Peter Estlin (Deputy Chairman)

Finance Grants Oversight and Performance Sub Committee

·         Philip Woodhouse (Chairman)

·         Paul Martinelli (Deputy Chairman)

Procurement Sub Committee

·         Hugh Morris (Chairman)

·         Robert Merrett (Deputy Chairman)

• Members noted that Jamie Ingham Clark would serve as Chairman and Jeremy Mayhew would serve as Deputy Chairman of the Efficiency and Performance Sub Committee.

• Members agreed to the following additional appointments of Members of the respective Sub Committees:

Corporate Asset Sub Committee

·         Randall Anderson

·         Roger Chadwick

·         Chris Hayward

·         Michael Hudson

·         Susan Pearson

Members also noted the appointment of the following Members of other Committees to CASC: Marianne Fredericks and Edward Lord representing Policy and Resources. Property Investment Board representatives (including Mr Joshi) would be confirmed later in May.

Digital Services Sub Committee

·         Rehana Ameer

·         Roger Chadwick

·         Alderman Prem Goyal

Members also noted the appointment

Report of the Chamberlain.

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.

Report of the Chamberlain.

To Follow.

The Committee received a Report of the Chamberlain concerning the Business Plan.

RESOLVED – that the Committee notes the Report.

Report of the Chamberlain.

The Committee received a Report of the Chamberlain concerning the Financial Services Division.

In response to a query, the Chamberlain outlined her current responsibilities and those areas that are now under the remit of her colleagues in the Chamberlain’s Department. These responsibilities were likely to change as the outcomes of the Target Operating Model and the Governance Review mature over the coming months.

In response to a separate query, the Chamberlain confirmed that a sum of approx. £792,000 had, so far, been allocated via the Corporation’s Covid Recovery Fund. The number of approvals and the associated sums would be reported publicly.

Officers confirmed that, whilst Members were not directly involved in approving specific applications, a Member sounding board, which would provide Member input into the broad practicalities and direction of the Recovery Fund had been established.

RESOLVED – that the Committee noted the Report.

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.

In response to a query concerning the Committee’s International Disaster Fund, the Chairman highlighted the importance of what we can do to further amplify our donations and the ways in which we can encourage other organisations to donate.  

The Chairman and the Director of Communicaitons pointed out the we had established an eight point communications plan in order to try to maximise the impact of our donations in future. Additional work was also being undertaken by the team at Mansion House and the Communications Department to see what else we can do.

RESOLVED – That the Committee:

• Noted the Central Contingencies 2021/22 uncommitted balances and;

• Agreed to allocate a sum of £300,000 from City’s Cash Contingency 2021/22

to top up the COVID Contingency for 2021/22.

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 13^th April 2021.

The non-public minutes of the meeting held on 13^th April were approved as an accurate record.

Report of the Town Clerk.

The Committee considered a report of the Town Clerk which advised Members of the key non-public discussions which had taken place during a recent meeting of the Corporate Asset (Finance) Sub-Committee.

Report of the Chamberlain.

The Committee considered a Report of the Chamberlain concerning the loan facility to the

institutional departments and third-party bodies within the City of London Corporation

‘family’.

Report of the City Surveyor.

The Committee considered a Report of the City Surveyor concerning Bishopsgate Police Station and 21 New Street.

Report of the Comptroller and City Solicitor.

The Committee considered a Report of the Chamberlain concerning the land dispute with TfL.

Report of the Director of Community and Children’s Services.

This Report was withdrawn.

To be read in conjunction with Contingencies Report (Item 11).

The Committee noted the non-public appendix to ITEM 11 (Central Contingencies).

Report of the Town Clerk.

The Committee noted a report of the Town Clerk detailing two non-public decisions taken under urgency procedures since the last meeting.

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

The Committee considered an item of urgent business.