Agenda item

Q3 Quarterly Budget monitoring

Report of the Chamberlain.

Minutes:

The Committee received a Report of the Chamberlain concerning revenue budget monitoring.

 

Members noted the realignment of the Property Investment Income budgets and asked that they be kept regularly abreast of the impact of this realignment, particularly given the uncertain outlook, post-Brexit, for the commercial real estate sector over the medium term.

 

A Member emphasised that, whilst an increase to the frequency of property disposals would provide a perhaps logical and welcome benefit to the Corporation’s financial position in the short term, this would, in addition, adversely impact the overall level of rental income in the longer term; this should be kept in mind when the Property Investment Income budget was being considered again in the future.

 

Highlighting the Barbican Centre’s adverse variance (£1.4m), the Chairman assured Members that he and fellow Members of the Efficiency & Performance Sub-Committee had recently emphasised the importance to the Managing Director of the Barbican Centre and his senior team of getting the Centre’s finances in good order before financial year end and, indeed, over the medium term.

 

RESOLVED – That the Committee notes the report.   

 

    

Supporting documents: