Agenda item

Report of the Chamberlain and the Director of Markets and Consumer Protection

For Decision

A joint report of the Chamberlain and the Director of Markets and Consumer Protection which set out the annual submission of the revenue and capital budgets was considered. The report sought approval for the provisional revenue budget for 2013/14 for subsequent submission to the Finance Committee.

The Chairman highlighted that the recommendations being sought for approval allowed the Chamberlain to revise the budgets. He recommended that if the revision of the budgets varied by more than 10% of net expenditure a further report should be submitted to this Committee.

It was noted that this report was set out in the template agreed by the Members’ Working Party and that the figures set out in brackets were a saving and not a deficit. In response to a question by a Member, it was noted that feedback would be provided to the Members’ Working Party on the need for notes and paragraph numbers to be set out more clearly.

In relation to paragraph six of the report which stated that ‘no budget is currently proposed in 2013/14’, the Director pointed out that this related to the legal costs for the lease renewal process at Smithfield Market and that if a court hearing was necessary the proceedings should be complete before the next financial year.

In response to a question by a Member it was noted that a breakdown of the transport related expenses would be provided to him. 

RESOLVED – That Members approve: -

·         The budget for submission to the Finance Committee;

·         The capital budget;

·         To authorise the Chamberlain to revise the budgets to allow for further implications arising from PP2P reviews, the implementation of the City of London Procurement Service, changes to the Additional Works Programme, implications arising from Carbon Trading Allowances and changes in respect of recharges and;

·         If the revision of the budgets varies more than 10% of total net expenditure a further report be submitted to this Committee for agreement.