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 Rehana Ameer, Deputy Clare James, Gregory Lawrence, Oliver Lodge, Deputy Catherine McGuinness, Benjamin Murphy, Ian Seaton, and Deputy Tom Sleigh.

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

2.

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

Minutes:

There were no declarations of interest.

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

3.

Minutes of the previous meeting pdf icon PDF 174 KB

To agree the public minutes of the meeting held on 20th July 2021.

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

Minutes:

RESOLVED – That the public minutes of the meeting held on 20th July 2021 be approved as an accurate record.

 

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

4.

Finance Committee's Forward Plan pdf icon PDF 75 KB

Report of the Chamberlain.

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

Minutes:

The Committee received a Report of the Chamberlain outlining the workplan for the next six months.

 

In response to a query, the Chamberlain confirmed that the statutory deadline for the certification of City Fund’s external audit was 30th September. Given that the City (in addition to many other London Boroughs) will not meet this deadline, discussions had been held with the Ministry of Housing, Communities and Local Government to see if this deadline could be extended to the end of November. MHCLG have, thus far, rejected this request.

 

The City will alert all stakeholders to the delay on the Corporation’s website. It should be emphasised that the City met its statutory obligations in submitting the draft statements at the end of June and the delay to certification rests with the external auditors. The key risk now was reputational, and the Chamberlain would be working on ensuring that our relationship with the City’s investors remained undamaged.

 

The Chamberlain confirmed that there was no statutory deadline for certification of City’s Cash statements but has signalled to investors that certification will be completed by Christmas. The Bridge House Estates statements needed to be completed by the end of January, but officers were working on ensuring that this was in place earlier.

 

The Chairman confirmed that he, the Chairman of the Bridge House Estates Board, and the Chairman of the Audit & Risk Management Committee had been kept fully updated on this matter and had collectively aired their frustrations, on behalf of the City, with representatives of the external auditors.

 

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 97 KB

Report of the Town Clerk.

 

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

Minutes:

The Committee received a Report of the Town Clerk which advised Members of the key discussions which had taken place during a non-public session at a recent meeting of one of the Committee’s Sub-Committees.

 

RESOLVED – that the Committee noted the Report

 

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

6.

Risk Management - Top Risks pdf icon PDF 572 KB

Report of the Chamberlain.

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

Minutes:

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

 

In response to a query, the Chamberlain confirmed that the £30m allocated in reserve to mitigate CR35 (Unsustainable Medium-Term Finances) is based upon a more pessimistic scenario (e.g. if rental income flows as a result of the pandemic are worse than forecast). The Chairman added that the budget monitoring for the Q2 half-year point (due at the October meeting of the Finance Committee) should provide more insight about how we are doing against the budget and provide an early outlook vis-à-vis our fiscal position over the medium-term.

 

A Member expressed concern about the impact on the medium-term position due to rising inflation for both materials and labour when it came to City’s projects. Noting these concerns, the Chamberlain accepted that whilst it was anticipated that the 2022/23 budgets were being planned on a “flat cash” basis, the picture beyond the next financial year was difficult to project, given the inflationary pressures in the wider economy; early provisional discussions for the 2023/24 budget setting process had been taking place and would be taking inflation into account.

 

Concerns about IT, level of service and cost that the Force is getting. Broader review of whether IT is being damaged by a lack of resources/sufficient budget.

 

Commenting on CHB IT 031 (IT Revenue Budget), the Chief Operating Officer confirmed that a value-for-money review of IT usage for the City of London Police was currently being undertaken and any emerging recommendations would be reviewed to see if any were more widely applicable to the Corporation as a whole.

 

The COO confirmed that the structural changes in the IT Division had yet to be finalised; several other levers were being examined, including a review which was

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

7.

City Re Limited - Performance Monitoring pdf icon PDF 135 KB

Report of the Chamberlain.

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

Additional documents:

Minutes:

The Committee considered a Report of the Chamberlain concerning City Re Ltd.

 

In response to a query concerning the IBNR rate, the Chairman informed the Committee that the City Re board discussed the rate at each of its meetings and they were content with its current position.

 

RESOLVED – that the Committee:

 

i) to note this report; and

(ii) confirm that going forward the Deputy Chairman of the Finance Committee should act as the alternate Director for the Chairman of the Finance Committee.

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

8.

FSD Quarterly Update pdf icon PDF 164 KB

Report of the Chamberlain.

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

Additional documents:

Minutes:

The Committee received a Report of the Chamberlain concerning the Financial Services Division’s Quarterly update.

 

RESOLVED – that the Committee noted the Report.

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

9.

Central Contingencies pdf icon PDF 131 KB

Report of the Chamberlain.

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

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 9.

10.

Decisions taken under delegated authority and urgency procedures pdf icon PDF 104 KB

Report of the Town Clerk.

 

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

Minutes:

The Committee received 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 Orders 41(a) and 41(b). The decision related to a donation of £25,000 via Finance Committee’s International Disaster Fund to the British Red Cross’ Haiti Earthquake Appeal.

 

RESOLVED – that the Committee noted the report.

 

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

11.

Questions on matters relating to the work of the Committee

Minutes:

There were no questions.

 

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

12.

Any Other Business that the Chairman considers urgent

Minutes:

There were no urgent items.

 

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

13.

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 13.

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 13.

14.

Non-public minutes of the previous meeting

To agree the non-public minutes of the meeting held on 20th July 2021.

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

Minutes:

RESOLVED – That the non-public minutes of the meeting held on 20th July 2021 be approved as an accurate record.

 

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

15.

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

Report of the Town Clerk.

 

 

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

Minutes:

The Committee received a Report of the Town Clerk which advised Members of the key discussions which had taken place during a non-public session at a recent meeting of one of the Committee’s Sub-Committees.

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

16.

Provision for Bad and Doubtful Debts

Report of the Chamberlain.

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

Minutes:

The Committee received a Report of the Chamberlain concerning the provision for bad and doubtful debts.

 

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

17.

City Fund - Budget Request - Security Guards and CCTV Monitoring at Leadenhall Market for counterterrorism purposes.

Report of the City Surveyor.

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

Minutes:

The Committee considered a Report of the City Surveyor concerning a request for funds for security guards and CCTV monitoring at Leadenhall Market.

 

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

18.

City Fund - Building insurance - Spitalfields Developments Limited - debt write off

Report of the City Surveyor.

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

Minutes:

The Committee considered a Report of the Comptroller & City Surveyor concerning a debt write-off.

 

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

19.

City's Estate - 39/41 & 41 North Road - Surrender and Re-grant - Two New 150 Year Leases

Report of the City Surveyor.

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

Minutes:

The Committee considered a Report of the City Surveyor concerning 39/41 North Road N7.

 

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

20.

Non-Public Appendix for Central Contingencies Report

To be read in conjunction with ITEM 9 (Central Contingencies)

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

Minutes:

The Committee noted the non-public appendix to ITEM 9 (Central Contingencies).

 ...  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:

The Committee considered three item(s) of urgent business relating to the City’s external auditors, the Museum of London Pay Award (22a), and London CIV (22b).

 

 

 

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

22a

Museum of London Pay Award 2021

Report of the Director of the Museum of London.

 ...  view the full agenda text for item 22a

Minutes:

The Committee considered a Report of the Director of the Museum of London concerning the Pay Award for the Museum.

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

22b

Request for Delegated Authority

Report of the Chamberlain.

 ...  view the full agenda text for item 22b

Minutes:

The Committee considered a Report of the Chamberlain concerning the London CIV.  

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

23.

Senior Officer Recruitment

Report of the Chief Operating Officer.

 ...  view the full agenda text for item 23.

Minutes:

The Committee received a Report of the Chief Operating Officer.

 ...  view the full minutes text for item 23.