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Finance Committee workplan 2007-08

Report: 6
Date: 19 July 2007
By: Chief Executive and Treasurer

Summary

A draft work plan is provided for consideration by members. It is recognised that this list is not exhaustive and issues will arise during 2007-08 that members will wish to discuss or request that reports be submitted.

A. Recommendations

That subject to members’ comments, the work plan for 2007-08 be endorsed.

B. Supporting information

1. The work programme of the Finance Committee is determined to some extent by external events, such as the Mayor’s budget timetable, and reports are commissioned to cover specific points set out in its terms of reference. The terms of reference are attached at Appendix 1. Meetings are held every month apart from March and May with an additional joint meetings with the Planning Performance and Review Committee to consider the draft budget submission and linkages with the corporate strategy and policing plan.

Reports to be submitted during the year

2. Given the cyclical nature of many budget and financial issues, members can expect to see the same themes of reports repeated year on year. These are shown in Appendix 2:

Finance items

Budget process and Medium Term Financial Plan (MTFP)

3. The initial MTFP indications were presented to the May meeting. Subsequent meetings of the committee will receive update information on the budget submission. The budget submission timetable and requirements are driven by the Mayor / GLA; Responsibility for the approval of the full proposal, prior to submission to the Mayor, sits with the full Authority. The Committee will be updated following the Assembly consideration of the budget.

3. By June 2008 the process for the 2009-10 submission will be outlined.

Budget monitoring

4. There will be regular combined monitoring reports on the capital and revenue budgets. Provisional outturn positions for 2007-08 will be presented at the June committee.

Fees and charges

5. A report on the annual review of fees and charges is scheduled for consideration in January and ongoing business as usual.

Efficiency plan

6. As part of their Annual Policing Plan, all police forces and authorities are required to demonstrate efficiency savings currently equivalent to 3% of their annual budget and demonstrate that performance has been maintained or improved. HMIC has agreed that the MPS send a quarterly self-assessment to them. The efficiency plan for 2007-08 was presented in February and progress reports will be submitted on a quarterly basis.

Capital Strategy and Programme 2007-12

7. The revised Programme is to be considered at this meeting. The effectiveness of the capital strategy will be reviewed annually in the light of changing investment needs and priorities.

Asset Management Plan

8. This is linked to the capital strategy. The plan will detail existing asset management arrangements and outcomes and planned action to improve corporate asset use.

Treasury Management Strategy

9. The strategy for 2007-08 was presented to the committee in February. A six-month monitoring report will be provided in November, with the full year review presented at the May meeting.

Financial improvement programme

10. Specific areas of development in which the Committee will continue to take an active interest include budget devolution, internal control, capital budgeting and activity based costing.

Property Services items

11. Omnibus reports on estate issues will be submitted to alternate meetings. Specific reports on, for example, property acquisitions and disposals and the provision of patrol bases will be submitted as necessary. The Committee will receive regular updates on the estate strategy and Central London accommodation strategy.

Procurement

12. There will be progress reports on the routine contracts programme. Reports will be submitted as necessary for the approval of contracts – and where there are issues to be resolved such as MetTime.

13. There will be quarterly progress reports on the Contracts Rolling Programme. Reports relating to the progress of the Outsource Services Programme will be submitted as and when major milestones are achieved or planned. Miscellaneous update / progress reports will be submitted as and when procurement specific tasks are clearly identified and action plans in place that clearly identify a way forward or make recommendations and major decisions will be required on the retendering of outsourced contracts.

Insurance

14. In September the Committee will consider the renewal of the insurance and liability premiums.

Information Systems and Information Technology

15. Reports will be submitted as necessary for the approval of contracts, contract compliance and where there are issues to be resolved. Submissions will be in line with projects specified in the Annual Capital Programme approved by the Finance Committee in February 2007.

Miscellaneous reports

16. Reports will be submitted as necessary on other subjects within the Committee’s remit, for example:

  • the ongoing review of police overtime,
  • activity based costing (ABC),
  • review of special services agreements,
  • the cost of public order events,
  • Vehicle removal service

C. Race and equality impact

There are no direct diversity implications from this report. The authors in each report will properly reflect the diversity implications and the equalities impact of any proposals. There are diversity issues around procurement in that the process must be engaged-in taking account of the duties under the Race Relations (Amendment) Act and the equalities policies of the MPA/MPS to promote equal opportunities.

D. Financial implications

There are no direct financial implications.

E. Background papers

None

F. Contact details

Report author: John Crompton, MPA.

For more information contact:

MPA general: 020 7202 0202
Media enquiries: 020 7202 0217/18

Appendix 1

Finance Committee - terms of reference

1. To consider and recommend to the Authority:

  1. a medium term financial strategy
  2. the annual revenue and capital budgets for submission to the Mayor.

2. To consider and review the Authority’s financial reserves.

3. To receive regular monitoring reports from the Treasurer and Commissioner on revenue and capital budget performance.

4. To consider and approve, or recommend to the Authority where the committee considers major policy is involved, major capital programme scheme financial appraisals, justifications and briefs, as required by the Authority’s financial regulations.

5. To consider and award, or recommend to the Authority where the committee considers major policy is involved, major contracts as required by the Authority’s contract regulations.

6. To consider, either directly or by reference from other committees, any policy proposals with significant financial implications or any other non-audit financial matters, and to recommend to the Authority as appropriate.

7. To approve the Authority’s annual Treasury Management policy and strategy, and to receive reports on performance.

8. To consider and determine issues in respect of the MPS estate and other resource issues, such as transport and catering.

9. To consider financial and strategic issues relating to the provision of information systems and information technology.

10. To have due regard, in exercising the committee’s responsibilities, to equal opportunities generally, the general duty of the Race Relations (Amendment) Act 2000 and the requirements of any other equalities legislation.

11. To consider and approve major revenue business cases. However, where the committee considers major policy or significant additional or reduced expenditure is involved the committee will make recommendations to the Authority, or Strategy & Policing Committee as appropriate, for decision.

Appendix 2

At each meeting there is a revenue and capital budget monitoring report and at alternative meetings estates update. Based on the pattern of reports in 2006/07 and the best available information here is a list of further items The list is by no means exhaustive and is subject to change.

Meeting Regular items Other items
2007
19 July 2007 Budget monitoring

Estates update

  • Cost of Policing Public Events in 2006
  • Finance Committee annual report
  • Finance Committee work programme
20 September 2007 Budget monitoring

Estates update

  • Insurance renewals
  • Review of Professional Services'
  • Efficiency plan monitoring
  • Routine Contracts programme
  • Dedicated Security posts
  • Medical examiner fees
  • Environmental report
  • Marlowe House
  • Medical examiner fees
  • Merton patrol base
  • Eagle Data Centre
18 October 2007 Budget monitoring  
19 November 2007 Budget monitoring

Estates update

  • Treasury Management half year review
11 December 2007 Budget monitoring
  • Efficiency plan monitoring
2008
24 January 2008 Budget monitoring

Estates update

  • Annual review of the schedule of fees and charges
  • Rents and service charges
21 February 2008 Budget monitoring
  • 2008/09 grant settlement
  • Special grants
  • Efficiency plan monitoring
  • Provisional efficiency plan 2008/09 and future years
  • Treasury Management Strategy
17 April 2008 Budget monitoring

Estates update

  • Police Property Act Fund
19 June 2008 Budget monitoring
  • Annual Report
  • Work programme

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