Agenda item

Report of the Chamberlain.

The Committee considered a report of the Chamberlain in respect of a revision to the City Corporation’s Financial Regulations.  The Chamberlain explained that the ongoing reviews of projects and procurement would need to take place first, over the Summer of 2023.  Members noted that the revisions set out in the report effectively ‘tidy up’ the officer delegations.  The Chief Operating Officer added that the various interdependencies between the regulations would also need to be future proofed.   Members asked if future versions could show track changes, indicting where updates had been made.

Whilst the Chairman and Deputy Chairman supported the report, the Chairman stressed that this is strongly caveated by their expectation of significant efficiency improvements by the end of the financial year.   The Chairman reiterated the Finance Committee’s objective in making the whole City Corporation more efficient; by helping officers to fulfil their roles and giving Members confidence in financial controls.  The Chamberlain advised training in the new Regulations would be offered as part of the Member Development Programme.    

RESOLVED, that :

The revised Financial Regulations be approved, as set out in the appendix to the report.

Authority be  delegation to the Chamberlain to amend the regulations in respect of any changes that may need to be made as a result of the review of Project Procedure and of the Procurement Code; and

The next review of the regulations to be undertaken early in 2024, to pick up any further changes required, with the outcome being reported to the Finance Committee in the Spring of 2024.