Report of the Chamberlain.
Members considered a report of the Chamberlain regarding dealing with price inflation for construction projects up to Gateway 5 and the following points were made.
· The Town Clerk noted that the report was designed to implement a consistent approach across the City of London Corporation to estimating price inflation during the course of a project.
· In response to a question, the Deputy Chamberlain confirmed that she was confident in the methodology underpinning the approaches outlined within the report.
· In response to a question, the Deputy Chamberlain confirmed that the recommended approach was Option 1 (Current Prices) set out at paragraphs 16 and 17 within the report.
RESOLVED, that Members,
· note the contents of the report; and
· agree the approach set out in paragraphs 16 and 17 and in particular confirm reports should show clearly the price base of any estimated costs shown in the report and advise both the basis and the sum included in the costed risk register for any inflationary uplift.
· note the inflation rate used will be set annually by the Chamberlain and the City Surveyor
· note that the effectiveness of the arrangements set out in this report will be reviewed in a report to the sub-committee every two years.