Agenda item

Revenue and Capital Budgets 2016/17 and 2017/18

Report of the Chamberlain.

Minutes:

The Committee considered a report of the Chamberlain which provided the 2016/17 and 2017/18 budgets for each of the City of London Corporation’s three main funds. It was noted that these would be submitted to the Court of Common Council, subject to any amendments arising from the decisions made by the Committee at agenda item 10.

 

The Chamberlain advised that there were still challenges to the Police budget in future years. Some Members noted that increased efficiencies should be an area of focus for the Police. A Member commented that a number of cuts had been made within the Police and efficiency savings could only been carried out to a certain level before affecting front-line services. The Chairman explained that consultants were being commissioned in order to see how further efficiency savings could be achieved.

 

In response to a Member’s question on whether inflation would affect the accounts, the Chamberlain confirmed that an allowance of 1% had been made in the budget, to reduce the effects of inflation, and this would be kept under review.

 

RESOLVED - That:-

·         the latest revenue budgets for 2016/17 be noted;

·         the 2017/18 revenue budgets be agreed;

·         the capital budgets be agreed;

·         authority be delegated to the Chamberlain to determine the financing of the capital budgets; and

·         the report be submitted to the Court of Common Council for its approval.

Supporting documents: