Agenda item

Report of the Chamberlain.

The Committee received a report of the Chamberlain which provided updates regarding the top risks within the departmental risk register.

The Chamberlain advised that the report represented feedback from the last Committee in that the mitigations to both risks had been streamlined.  Members noted that City Fund’s fiscal sustainability had reduced from red to amber, to reflect the mitigations approved by the Court of Common Council in March 2023. 

Members noted that City’s Cash was being kept as red, until third party capital investment had been attracted to major projects, thereby removing pressure in this area.  The Chairman suggested that use of third party investments would be a key driver over the forthcoming year. Also, as mentioned at the Court of Common Council, it would be essential for the City Corporation to tackle the bow wave, which had resulted from a historical lack of repairs and maintenance.  The Chairman felt that the Finance Committee had an important role to play in this exercise, together with consideration of an incentive to encourage reduction of numbers of  surplus properties.   The Chairman added that City’s Cash discretionary expenditure would benefit from  review and asked Members to support a more robust position over the coming year to ensure value for money.    

Members noted that they would receive an update on the staffing risk in the confidential part of this agenda. 

RESOLVED, that – the report be noted.