Agenda item

The Committee received a joint report of the Chamberlain and Commissioner updating on the Revenue Budget 2016/17 following the decision of the Court of Common Council to increase the Business Rates Premium by 0.1p to 0.5p in the £ from April 2016 with the additional income, estimated at £1.6m a year, being allocated to the City of London Police to cover recently identified cost pressures relating to security.

The Committee was advised that the underlying financial position remained challenging and further steps would be required to achieve a balanced financial position over the medium term. The Committee was further advised that it was

intended to present a further report on the strategy for restoring financial

balance by 2017/18 together with an updated programme of capital and major

revenue projects over the medium term.

RESOLVED – That the updated revenue budget for 2016/17 be approved.