Agenda item

(B) Revenue and Capital Budgets 2017/18 and 2018/19 – to receive the latest revenue budgets for 2017/18, approve the revenue budgets for 2018/19, and approve the capital budgets.

20 February 2018

(B) Revenue and Capital Budgets 2017/18 and 2018/19

The Court was presented with a report which summarised the revenue and capital budgets for each of the City’s three main funds, City Fund, City’s Cash and Bridge House Estates together with the budgets for central support services within Guildhall Administration (which initially ‘holds’ such costs before these are wholly apportioned).  The report accompanied the Summary Budget Book which included all the City’s budgets at a summary level in a single document and was available in the Members’ Reading Room and on the City Corporation’s website.

The Court was recommended to approve the revenue and capital budgets for City’s Cash, Bridge House Estates and Guildhall Administration for the financial year 2018/19 (the budgets for City Fund having already been considered under part A above).

Resolved – That:-

·           the latest revenue budgets for 2017/18 be noted;

·           the 2018/19 revenue budgets be agreed, subject to any amendments on the City Fund that may be agreed in relation to the report on ‘City Fund – 2018/19 Budget Report and Medium Term Financial Strategy’;

·           the capital budgets be agreed; and

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

Further resolved - That the thanks of the Court be given to the Chairman of the Finance Committee for his introduction to the budget reports before the Court this day and that a copy be circulated to every Member in the usual way.