Report of the Chamberlain.
The Committee received a report of the Chamberlain which provided updates in respect of the top risks on the Departmental Risk Register. Members noted that there had been no significant changes since the last update to the Finance Committee, and that staffing pressures would gain some relief from the appointment of a new Assistant Director for Strategic Finance, who would be starting at the end of July. The Chair advised that City’s Cash risk rating was likely to remain red until the City Corporation is successful in raising third party investment for some of its major projects.
During the discussion on this item, the following points were noted.
a) CR 35(F) reflects the Police position more accurately than CR 35 which should be amended to remove the Police Transform programme relating to prior years.
b) At a recent Community Infrastructure Levy (CIL) presentation, Members noted the relatively low lending rates being charged by the City of London Corporation. The Chamberlain would be reviewing these rates with the Executive Director of Environment, ahead of taking a proposal to the relevant Committees. The Chairman asked if the Finance Committee could receive an update at the next meeting, as to when such a review could be added to the Forward Plan.
c) The Markets Co-Location Project is currently a sub risk within the overall finance risk and is being monitored under the Projects Review and Corporate Risk (CR 35). Members noted that the outcome of the Projects Review would determine where the risk would eventually be positioned. The Chairman asked if the Committee could have an update in July, after conclusion of the Projects Review. The Town Clerk advised that the Review would also cover officer level governance.
d) The Financial Services Director advised of a long-term project underway in respect of operational property and lands, which would be completed in stages and also include a review of a sustainable repairs and maintenance plan. Members noted that the Efficiency and Performance Working Group would have oversight, together with the Operational Property and Projects Sub Committee’s Chairman and Deputy Chairman. The City Surveyor advised of the 20-year lifecycle plan for each property, which informed a bid to Operational Property and Projects Sub Committee (OPPSC) in terms of the Cyclical Works Programme. Members noted that, once bow wave financing has been resolved, the Operational Property Review will seek to avoid further recurrence of existing historic challenges by introducing a robust maintenance programme, reducing energy costs and meeting the net zero carbon target by 2027.
RESOLVED, that – the report be noted.