Report of the City Remembrancer.
The Committee considered a Report of the City Remembrancer concerning the Lord Mayor’s Show.
A Member commended the work of the Remembrancer, the Chairman of the Committee, and others for their sterling work in delivering the Report.
Whilst welcoming the recommendations as positive practical steps, that should guarantee the long-term viability and success of the Lord Mayor’s Show, he stressed that, given the cost and reputational risks that would now be involved, robust commercial business plans needed to be produced each year.
Member expressed their concern that the costs involved still had to, ultimately, be borne by the Corporation. The Departments that had previously contributed to these costs should not be allowed to bank these as savings as they were essentially shunted costs. The provision should instead be deleted from the respective department’s budgets. The Chairman asked the Chamberlain to liaise with the respective chief officers to take this forward.
Separately, a Member pointed to the lack of provision for a reserve fund as being a significant risk. The Chairman responded that he would raise this at the next meeting of the Board of the Lord Mayor’s Show Limited.
RESOLVED – that the Committee approved:
(a) In principle funding by means of an ongoing payment to the Lord Mayor’s Show Limited to reflect services hitherto paid for from local risk budgets principally by the Department of the Built Environment, the Town Clerk (Communications) and the City Surveyor, in support of the Lord Mayor’s Show, to be used exclusively to meet the costs of those services. For the 2021 Show, assuming it proceeds in its customary form, the total funding need in the current financial year would be approximately £210,000 and a payment of this amount would be made out of City’s Cash Finance Contingency. If agreed in principle, a further report would be provided setting out the proposed payment mechanism for future years;
(b) In the exceptional circumstances of this year, underwriting of potential losses in the operation of this year’s Show (and any losses from a future Show were they to arise), noting that surpluses in delivery of the Show in future years will be transferred by the Lord Mayor’s Show Limited to the City Corporation once a reserve of approximately £30,000 is established; And
(c) The appointment of the Chairman of the Finance Committee to the Board of the Lord Mayor’s Show Limited, the Board of the company and the General Purposes Committee of Aldermen having agreed the appointment, as a prerequisite for this Committee agreeing to the funding arrangement set out in this report.