Agenda item

Report of the Chamberlain.

The Committee considered a report of the Chamberlain which set out the proposed budgets 2017/18 for the operational services overseen by the Finance Committee.

A Member commented that it did not appear that there was sufficient funding in the budget for IT Security, given that activity in this area was very important. He noted that JP Morgan spent £500m per year on this kind of activity.

The Town Clerk advised Members that an overspend was projected for 2016/17 for the Electoral Services Team within the Town Clerk’s Department, which was included the Finance Committee’s budget. He explained that this overspend was due to there being three major elections during 2016/17 (London Mayoral Elections; EU Referendum; and Court of Common Council elections). He explained that a report would be submitted once the outturn position for the service was known. The Chairman requested that the report provide information of the Electoral Services Team spend against budgets for the previous four years, so that the Committee could assess spend against budget for a full four-year cycle.

RESOLVED – That the Committee

a)    notes the forecast underspend of £120,000 at 31 March 2017 against the

Chamberlain’s 2016/17 local risk budget;

b)    approves proposed 2017/18 revenue budget

c)    authorises the Chamberlain to revise these budgets to allow for any necessary realignment of funds as set out in paragraph 18 of the report; and

d)    notes the approved capital and supplementary revenue budgets.