Agenda item

Report of the Chamberlain.

NB: This item will also be considered by the Grand Committee and should be read in conjunction with the separately bound non-public appendices circulated in respect of item no. 8 on agenda of the Grand Committee.

The Sub-Committee considered a report of the Chamberlain concerning the proposed funding of projects involving refreshment points at the Barbican Centre and the feasibility and planning of the transformation of Barbican and Shoe Lane libraries, which now required the allocation of resources to progress them to the next stage.

Reference was made to the need for a better mechanism for evaluating and differentiating projects with a payback period falling within the spend to save and income generation category.

RESOLVED – that it be recommended to the Grand Committee that:-

1.      the content of the report in respect of the allocation of the 2014/15 provisions for new schemes be noted;

2.      the 2014/15 unallocated balances of £0.486m for City Fund and £0.125m for City’s Cash be carried forward to bolster support for Service Based Review (SBR) investment proposals;

3.      the allocation of £154,000 from the 2015/16 City Fund provision to provide funding for SBR investments, comprising:-

·           £130,000 for coffee point and mobile bars at the Barbican Centre; and

·           £24,000 towards the cost of feasibility and planning for the transformation of the Barbican and Shoe Lane libraries.

4.      the allocation of a total of £6m to be set aside in 2018/19 as a provision for new schemes (£3m each for City Fund and City’s Cash) be approved.