Agenda item

Risk Management - Top Risks

Report of the Chamberlain.

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 about the City’s approach to Business Rates reform, the Chamberlain responded that we were working with other authorities across London on the issue of bricks-and-mortar companies versus online retailers; however, this was a work-in-progress and a workable solution to this complex problem had yet to emerge. A resolution (including a potential online sales tax) was likely to be some years away.

 

Separately, a Member asked about the implications, post-pandemic, of a shift in the property profile in the City from commercial to residential. The Chamberlain responded that, with regards the City’s own property portfolio, no policy shift was currently being considered, as to the wider implications, if the status of premises are changed, then the City would see a reduction in the rate payer base and consequent reduction in business rate income. For newly mixed mode properties (i.e. where there was a mix of residential and commercial), the Valuation Office would need to calculate the floorspace dedicated to commercial activities to identity the resultant rateable value.

 

In response to a query, the Chairman clarified that this iteration of the Risk Report was the standard monthly abbreviated version; Risk Flightpaths were included in the longer quarterly Reports.

 

RESOLVED – that the Committee noted the Report.

Supporting documents: