Agenda item

Report of the Chamberlain.

The Committee considered a report of the Chamberlain which provided Members with information regarding the current balance of the Finance Committee Contingency Funds for the current year.

Several Members raised concerns over the mechanism of approving contingencies, and asked if there was a contingency policy. The Chamberlain confirmed that the Finance Committee held contingencies for the entire Corporation, and all requests had to come through the Committee. She would always consider whether requests could be covered from local risks, and if the request was due to unforeseen circumstances. She was confident that it was prudent for contingency funds to be held, and good governance for their use to be overseen by the Finance Committee.

Following a question from a Member on action taken under urgency, the Chair confirmed that there were no unpaid service charges.

RESOLVED, that – Members agree to carry forward sufficient resources of £2,686,000 to meet existing allocations and £523,000 uncommitted balances to meet expected increased revenue pressures thereby providing sufficient contingencies for funding requirements that may arise during 2024/25.