Agenda item

Report of the Chamberlain.

The Committee considered a Report of the Chamberlain concerning the 2021/22 City’s Cash Budgets and medium-term financial plan.

RESOLVED – that the Committee:

1. Noted the latest revenue budgets for 2020/21 (paragraphs 18 to 25 in the Report).

2. Agreed the 2021/22 revenue budgets, including the following measures:

• Note the overall budget envelope for City Cash incorporates 12% savings

as agreed by Finance Committee in December and are consistent with

approved savings flight path.

• Unfunded additional revenue bids: To be avoided during 2021/22 -

2024/25 and carry forwards from 2020/21 to be minimised.

• Grants: Application of 12% savings, unless agreed co-funding arrangement.

3. Approved the 2021/22 Capital and Supplementary Revenue Project Budgets for

City’s Cash amounting to £33.3m (paragraph 27).

4. Approved the allocation of central funding of up to £17.7m for City’s Cash to meet

the cost of the 2021/22 capital schemes. 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) (paragraph 29).

5. Approved the allocation of central funding to provide an internal loan facility of up to £15.6m for the City of London School (CLSG) to progress its masterplan – release of such funding being subject to approval at the relevant gateway and separate approval of the loan terms and conditions (paragraph 30).

6. Delegated authority to the Chamberlain to determine the final financing of capital and supplementary revenue project expenditure.

7. Endorsed this report for onward approval to the Court of Common Council.