The Finance Committee convened to discuss a range of financial and strategic matters, including approving risk appetite levels for medium-term finances, receiving a budget monitoring report, and reviewing the Chamberlain's business plan. The committee also endorsed changes to investment property transaction thresholds and discussed Central London Forward grant receipts and programme delivery.

Central London Forward Grant Receipts and Programme Delivery

The committee discussed a report regarding grant receipts and programme delivery for Central London Forward (CLF), a partnership between the 11 central London local authorities and the City of London Corporation. The City of London Corporation acts as the legal entity and contracting body for CLF.

The committee was asked to make decisions on the following CLF programmes:

• Central London Integration Hub
• Full Potential Get Britain Working Trailblazer
• Connect to Work Programme
• Digital Connectivity Programme
• London Skills Improvement Plan (LSIP)

The committee was asked to approve the recommended approach to governance, by which CLF would bring a single paper or grouped papers once annually where possible to improve efficiency.

The committee was asked to approve acceptance of funding for a new workstream in the current financial year (25/26); and acceptance of funding for Phase 2 in the next financial year for the Central London Integration Hub, all funding from the GLA¹.

The committee was asked to approve ovation of the Full Potential (Get Britain Working Trailblazer) programme and associated agreements from the London Borough of Camden to the City of London Corporation, as well as authorisation to accept growth within the programme, all funding from the DWP².

The committee was asked to approve acceptance of growth funding within the DWP-funded Connect to Work programme.

The committee was asked to approve acceptance or endorsement of project funding within the Digital Connectivity Programme; funding for and management of the Local Skills Improvement Plan; and extension of arrangement with GLA Economics for data analysis capability.

Investment Governance Update

The committee endorsed recommendations to the Policy and Resources Committee, for onward recommendation to the Court of Common Council, to amend the thresholds for investment property transactions in Standing Orders and authorise the Town Clerk to make the necessary amendment to the Scheme of Delegation to Officers to give effect to these changed thresholds.

The Court of Common Council approved increases to the thresholds for investment property transactions at its meeting in May 2025. One effect of the changes was to raise the threshold under which transactions could be approved under officer delegation to £20 million.

The report explained the procedure that will be applied for taking those delegated decisions and also sought approval for an additional amendment to the Standing Orders to include leasehold restructurings.

Budget Monitoring

The committee received a report outlining the forecast position for the 2025/26 financial year as at the end of Quarter 1 (June). The report combined the monitoring for both revenue and capital. The total position per fund was shown, and explanations for favourable and adverse variances were highlighted.

The report noted that the Housing Revenue Account is currently forecasting an overspend on revenue amounting to £64k which is due to increased demand for breakdown and emergency repairs along with additional contractual costs associated with the R&M contract.

Significant adverse variances were forecast on the HRA capital programme, Barbican podium works and SSD, FPEP programme.

Chamberlain's Business Plan

The committee received an update on the progress of the Chamberlain's Department against its business plan during quarter one of 2025/26.

The report noted that the Finance Committee are receiving this report to review progress against workstreams that relate to the work it oversees only, and that all digital related workstreams are to be taken by the Digital Services Committee.

The Chamberlain's Department has made significant progress on its business plan, with key programmes advancing well. Six workstreams, relevant to this committee, were marked green, while those with amber and red statuses have next steps in place to get back on track.

One workstream was currently rated red: the Income Generation workstream. Progress has been slow due to a lack of capacity and needed skills across the organisation that are needed to develop income generation opportunities. Focus through the Efficiency and Performance Working Party (EPWP) in areas were recommended in March 2025, which have included Heathrow Animal Reception Centre, Guildhall School of Music and Drama (GSMD), Natural Environment Charities Review, Advertising and Lord Mayor's Show are all underway showing good progress.

Risk Management Update

The committee received an update regarding the risks being managed by the Chamberlain's department, with particular emphasis on Financial Corporate and Departmental risks.

The report noted that in May, the Court of Common Council established the risk appetite boundaries for the nine identified corporate themes, and that Service Committees responsible for overseeing Corporate Risks are requested to confirm the appropriate appetite level for each corporate risk.

The committee was responsible for agreeing the Risk Appetite statement for CR35 Unsustainable Medium-Term Finances – City Fund and CR38 Unsustainable Medium-Term Finances – City's Estate.

The Chamberlain's department currently has one financial RED Corporate Risk and one RED Departmental risk, all risks are regularly reviewed, and several mitigating measures are in place to prevent the realisation of these risks or future risks.

Central Contingencies

The committee received a quarterly update on the Central Contingencies for 2025/26, which included a review of uncommitted balances.