Minutes

Minutes of the meeting of the Resources Sub-committee held on 3 September 2009 at 10 Dean Farrar Street SW1H 0NY.

Present

Members

• Faith Boardman (Chairman)
• Reshard Auladin
• John Biggs
• Deborah Regal
• Graham Speed

MPA officers

• Annabel Adams (Deputy Treasurer)
• Julie Norgrove (Deputy Director of Internal Audit)
• John Crompton (Committee Services)

MPS officers

• Ailsa Beaton (Director of Information)
• Debbie Dady (Head of Temporary Agency Workers)
• Paul Daly (Director of Exchequer Services)
• Anthony Doyle (Director of Procurement)
• Anne McMeel (Director of Resources)
• Gordon Mitchell (Strategic Insurance Manager
• Gabrielle Nelson (Assistant Director Procurement )
• John Whittaker (Human Resources)
• David Woosey (Director of Supply Chain Procurement Services.)

Peter Morley also attended for consideration of agenda item 4

12. Apologies for absence

(Agenda item 1)

An apology for absence was submitted on behalf of Valerie Brasse .

13. Declarations of interests

(Agenda item 2)

-

14. Minutes of the meeting held on 30 July 2009

(Agenda item 4)

Resolved That the minutes of the Resources Sub-Committee held on 30 July 2009 be agreed and signed as a correct record.

15 Treasury Management -1st Quarter 2009/10 Update

(Agenda item 4)

A report was submitted which set out details of Treasury Management activity for the period 1 April 2009 to 30 June 2009

Peter Morley, Treasury Management consultant, attended for consideration of this item. Mr Morley said that he had no comments on the content of the report and he thought that the decision making process were working well.

The Chairman said that having noted the position with regard to income on investments, it would be useful for members to be advised at a future meeting of the options for adopting a less risk-adverse approach to investment

It was also agreed that future reports should contain a statement of assurance from the Treasurer and the Director of Finance.

Resolved – That

1. institutions with ratings under review should be removed from the counterparty list;
2. Approve raising the prudential code limit on variable rate investments to 100%;
3. It be noted that the reduced interest earned and the limited investment opportunities available under the current strategy and agree to the Acting Treasurer undertaking a review of the current investment strategy reporting back to members as part of the next quarterly update report; and
4. The Acting Treasurer submit a report to a future meeting which sets out the options for following a less risk-adverse approach to investment.
5. A report on aligning borrowing requirements with the capital programme be submitted to a future meeting.

16 Update on implementation of early payment initiatives to SMEs

(Agenda item 5)

A report was submitted which informed members of the status of the previously approved actions in support of the Mayor’s early payment to SMEs imitative and the current payment profiles for these suppliers.

Resolved-.That member’s note the action taken to date to improve the time to make payment on undisputed invoices to SMEs with the ultimate aim being payment within 10 working days of the receipt of a valid invoice and the current payment profiles for SMEs

17. Corporate insurance renewal 2009

(Agenda item 6)

A report was submitted which presented the revised strategy for the period 2009/12.

In reply to a request from members, the Strategic Insurance Manager undertook to circulate information on the number of insurance claims and accidents.

Resolved –

That the Finance and Resources Committee be advised that that the recommendations should be supported.

18 Procurement strategy action plan

(Agenda item 7)

The Sub-Committee considered the procurement strategy at its meeting on 4 June 2009. During consideration of that report members requested that an action plan be developed. The first quarterly report was presented to the Sub-Committee.

In reply to a question from a member concerning the opportunities for working collaboratively with other organisations the Director of Procurement advised that this was done under the aegis of the National Policing Improvement Agency and the Association of Chief Police Officers.

Resolved –That the action plan be noted and further updates be provided to the Sub-Committee on a quarterly basis.

19. Exclusion of press and public

(Agenda item 8)

Resolved - That under section 100A(4) of the Local Government Act 1972 the press and public be excluded from the meeting for the following items of business on the grounds that they involved disclosure of exempt information as detailed in paragraph 3 of Schedule 12A to the above Act.

Summary of decisions made on exempt items

20 exempt appendix to corporate insurance renewal 2009

(Agenda item 9 )

Referred to the Finance and Resources Committee for decision.

21 Real time communication

(Agenda item 10 )

Referred to the Finance and Resources Committee for decision.

22 Temporary agency workers

(Agenda item 11)

Referred to the Finance and Resources Committee for decision.

23. Exempt minutes of the meeting held on 30 July 2009

(Agenda item 12)

Agreed and signed.

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