Agenda item

Revenue Budgets 2019/20 and 2020/21: City's Cashand Bridge House Estates

Report of the Chamberlain.

 

 

Minutes:

The Committee considered a report of the Chamberlain in respect of the 2020/21 Budgetand financialoutlook forCity's Cashand Bridge HouseEstates. Members noted that they should consider the report in conjunction with the separate report on your agenda entitled 'City Fund - 2020/21 Budget Report and Medium-Term Financial Strategy'

 

RESOLVED, That:

1.     Note the latest revenue budgets for 2019/20 (as set out in paragraphs 19 and 26 in the report) be noted.

2.     The 2020/21 revenue budgets be approved, including the following measure:

·       City’s Cash: Efficiency Savings: Maintain the 2% efficiency saving across all Corporation departments, which together with a pay and inflation uplift of 2%, subject to the outcome of the Pay Review, would result in flat cash budgets (paragraph 2).

 

3.    Additional resource requests for City’s Cash of £0.7m (as set out in paragraph 16 of the report) be approved.

 

4.    In respect of Bridge House Estates:

a.    a resource request for £25m further charitable funding in the three years from 2020 be approved, to underpin the celebration of 25 years of CBT (as set out in paragraph 17 of the report).

b.     additional funding of £0.17m for an enhanced Charities Team be approved (as set out in paragraph 18 of the report).

 

5.    The 2020/21 Capital and Supplementary Revenue Project Budgets for City’s Cash and Bridge House Estates amounting to £27.2m and £7.1m respectively be approved (as set out in paragraph 33 of the report).

 

6.    The allocation of central funding of up to £18.6m for City’s Cash and £0.9m for Bridge House Estates be approved, to meet the cost of the 2020/21 new bids, together with central funding of up to £3.5m for the remaining City’s Cash projects, previously agreed for progression outside of the fundamental review.  NB. Release of such funding being subject to approval at the relevant gateway and specific agreement of the Resource Allocation Sub-Committee at Gateway 4(a) (as set out in paragraph 35 of the report).

 

7.    The  allocation of central funding to provide an internal loan facility of up to £10.6m be approved, to enable the City of London School to progress its masterplan. NB. Release of such funding being subject to approval at the relevant gateway and separate approval of the loan terms and conditions (as set out in paragraph 36 of the report).

 

8.    Authority be delegated to the Chamberlain to determine the final financing of capital and supplementary revenue project expenditure.

 

9.    The report be endorsed for onward approval by the Court of Common Council.

 

Supporting documents: