Agenda item

Report of the Chamberlain.

The Committee considered a report of the Chamberlain concerning the Stage 2 proposals of the prioritisation of 2021/22 Annual Capital Bids.

It was noted that the report had been considered and approved by the Resource Allocation Sub-Committee earlier that day.

With reference to comments around affordability within the report, particularly in relation to City’s Cash, a Member queried the City’s approach in relation to expenditure and its investment strategy. Other Members noted the City Corporation’s longstanding policy in respect of the maintenance of its asset portfolio and the importance of revenue generation through this, suggesting that, whilst there was a legitimate conversation to have in this area, it would be

a matter to consider in relation to longer-term investment strategy.

RESOLVED: That:-

1.         It be noted and agreed that the plans be affordable, sustainable and prudent.

2.         The green rated bids amounting to £83.5m detailed in the report’s appendix, which represented the position agreed with Chief Officers and Services Committee Chairs, be agreed.

3.         A business case be brought back to this Sub-Committee concerning the re-ignited bid for load funding of £15.6m for the City of London School for Girls.

4.         It be agreed that provisions of £83.5m plus it be agreed in principle that a loan facility of up to £15.6m (indicative at this stage), subject to a full business case, be made in the draft medium term financial plans of the three funds and that appropriate contingencies be set aside for approval by the Finance Committee and Court of Common Council as part of the annual budget setting process.

5.         Request that the Corporate Asset Sub and Projects Sub Committees closely scrutinise the scope of the St Lawrence Jewry repairs project to ensure that all value engineering opportunities are fully explored, with a keen eye on value for money.

6.         It be agreed that the bids rated as amber detailed in the appendix be placed on a reserve list to be funded from savings in provisions for green rated schemes should their urgency escalate.

7.         It be agreed that the financial disciplines currently in place be continued whereby

a)     Central funding will be withdrawn for schemes that slip by more than one year; and

b)     The operation of the ‘one-in, one-out’ approach to funding of bids outside of the annual process.

8.         It be agreed to the carry-over of the unallocated provision of 332m of loan facilities previously agreed for the Police and HRA.