No pecuniary declarations were made.

Councillor Alambritis asked that it be recorded, although it was not a pecuniary interest, that as he was Board member of London Pensions Fund Authority (LPFA).

That the Minutes of the meeting held on 10 March 2014 are agreed as a correct record.

That the Minutes of the meeting held on 10 March 2014 are agreed as a correct record

RESOLVED:

That Cabinet:

a) agrees to become a shareholder in a private company limited by shares which will be incorporated to be the Authorised Contractual Scheme Operator (the ACS Operator") of the Collective Investment Vehicle;

b) notes that participation by London Boroughs is voluntary;

c) agrees to contribute £1 to the ACS Operator as initial capital;

d) agrees to join the London Boroughs "Pensions CIV Joint Committee", to be formed under section 102 of the Local Government Act 1972 and to delegate to such Joint Committee those functions necessary for the proper functioning of the ACS Operator, including the effective oversight of the ACS Operator and the appointment of Directors;

e) nominates the Chair of the Pension Fund Advisory Committee authority to act as the Leader’s deputy for the Council in exercising its rights as a shareholder of the ACS Operator.

f) notes that there is a possibility that there could be a call from shareholding boroughs for a small initial investment as discussed in section 2.12 for capital required for the initial authorisation of the Operator. The Director of Corporate Services will clarify this issue prior to signing any membership agreement and report further to the Cabinet meeting. The Director of Corporate Services would make any minor spending/investment decision required under delegated authority following consultation with the Cabinet Member for Finance and the chair of the Pension Fund Advisory Panel and would report any action to subsequent meetings of both Cabinet and Panel.

g) notes that other investments will be considered by PFAC and a recommendation made to the appropriate decision making body.

The Deputy Leader and Cabinet Member for Finance presented the report which sought approval for the Council to join the London Boroughs Pensions CIV Joint Committee. It was noted that currently 27 London Boroughs had signed up to the CIV and based on that factor it would likely mean the potential cost per authority would be €4,500. However the decision was not at this point committing the Council to that expenditure.

RESOLVED:

That Cabinet:

a) agrees to become a shareholder in a private company limited by shares which will be incorporated to be the Authorised Contractual Scheme Operator (the ACS Operator") of the Collective Investment Vehicle;

b) notes that participation by London Boroughs is voluntary;

c) agrees to contribute £1 to the ACS Operator as initial capital;

d) agrees to join the London Boroughs "Pensions CIV Joint Committee", to be formed under section 102 of the Local Government Act 1972 and to delegate to such Joint Committee those functions necessary for the proper functioning of the ACS Operator, including the effective oversight of the ACS Operator and the appointment of Directors;

e) nominates the Chair of the Pension Fund Advisory Committee authority to act as the Leader’s deputy for the Council in exercising its rights as a shareholder of the ACS Operator.

f) notes that there is a possibility that there could be a call from shareholding boroughs for a small initial investment as discussed in section 2.12 for capital required for the initial authorisation of the Operator. The Director of Corporate Services will clarify this issue prior to signing any membership agreement and report further to the Cabinet meeting. The Director of Corporate Services would make any minor spending/investment decision required under delegated authority following consultation with the Cabinet Member for Finance and the chair of the Pension Fund Advisory Panel and would report any action to subsequent meetings of both Cabinet and Panel.

g) notes that other investments will be considered by PFAC and a recommendation made to the appropriate decision making body.

To RESOLVE that the public are excluded from the meeting during consideration of the following report(s) on the grounds that it is (they are) exempt from disclosure for the reasons stated in the report(s).

RESOLVED;

That the public are excluded from the meeting during consideration of the following item on the grounds that it is exempt from disclosure by virtue of Part 4B, Paragraph 10.4 and Category 3 of the constitution

N.B

The Chair of the Overview & Scrutiny Commission, has confirmed that as defined under Part 4B, Paragraph 17 that:

·       this Cabinet report in relation to the Singlegate construction Contract report qualifies for exemption as it contains information relating to the financial affairs of any particular person (including the authority holding that information), in accordance with the provisions of Part 4B, Paragraph 10.4 and Category 3 of the Constitution set out, and;

·       that it not been practicable to advertise this item for the set 28 days prior to the decision being required to be taken.

RESOLVED:

That Cabinet:

a) agrees to enter into a construction contract with Mansell PLC for the expansion of Singlegate Primary School through the adaptation and refurbishment of the neighbouring former Jamia school building, to the maximum contract value of £2,542,004.

b) notes that there will be a further phase to extend the building to ensure sufficient classrooms for the extended 630 place school and the total project cost is estimated to be within the budget as agreed by Cabinet on 10 March 2014.

The Cabinet Member for Education presented the report, which sought formal agreement to commence construction for Singlegate Primary School expansion and provided clarification on the further extension works phase.

RESOLVED:

That Cabinet:

a) agrees to enter into a construction contract with Mansell PLC for the expansion of Singlegate Primary School through the adaptation and refurbishment of the neighbouring former Jamia school building, to the maximum contract value of £2,542,004.

b) notes that there will be a further phase to extend the building to ensure sufficient classrooms for the extended 630 place school and the total project cost is estimated to be within the budget as agreed by Cabinet on 10 March 2014.