Agenda item

Revenue and Capital Budgets 2021/22

Report of the Chamberlain and Director of Markets & Consumer Protection


The Committee considered a report of the Chamberlain and the Director of Markets & Consumer Protection presenting the proposed revenue and capital budgets for 2021/22.  Officers stated that a savings envelope of 12% had been agreed across all budgets and consequently expenditure needed to be reduced or income increased in order to remain within cash limits.  Officers requested that any questions relating to specifics of the Target Operating Model should be raised under non-public/confidential businesses.


In response to questions and comments from Members, Officers advised that


  • Discussions were ongoing with the supplier regarding compensation for delays in installation of the entry barrier for New Spitalfields Market. The claim for compensation was only up to March 2020 and a claim beyond March 2020 had yet to be submitted.

  • The shortfall in business rates income at Smithfield Market had been met by the CoL underspends from 2019/20 and also the Covid-19 contingency fund.


  • The increased employment costs were attributed in part to a 5% increase in London Weighting.


  • The additional costs at Smithfield and Billingsgate Markets for repairs and maintenance related to the Skanska contract managed by the City Surveyor’s Department


The Chairman suggested that future reports should present a high level summary and in response Officers stated that detail had been provided to give assurances to Members but in future reconciliation tables could be provided if this was acceptable to Members rather than duplication the operating table.




1.          That the proposed Markets Committee revenue budget for 2021/22 be approved for submission to the Finance Committee.

2.          That the proposed Markets Committee capital and supplementary revenue projects budgets for 2021/22 be approved for submission to the Finance Committee.

3.          That the Chamberlain, in consultation with the Director of Markets & Consumer Protection be authorised to revise these budgets to allow for any further implications arising from Corporate Projects, other reviews and changes to the Cyclical Works Programme and capital charges.


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