Agenda item

Joint report of the Chamberlain and the Markets Director.

The Committee considered a joint report of the Chamberlain and the Director of Markets regarding the annual submission of the revenue and capital budgets overseen by the Markets Committee.

In presenting the report, Officers advised that the resource envelope had not altered and the savings shortfall was £39,000 and Markets Conditions Survey costs would be met from MCP funds.

During the course of debate, Members raised the following points/questions.

• An explanation on bullet points 1 through 5 on page 41 of the agenda pack was requested.
  
  
• Why were sinking fund resources included in page 41 of the pack rather than being the subject of a stand alone report?
  
  
• In respect of para 9, page 42 how were the figures quoted calculated?

• What is that capital depreciation charge as a percentage of the overall value of the Markets? (Page 43, para 12)

• Were savings opportunistic or recurrent year on year?

• What was the likely impact of inflation on the budget and savings targets?

• The Capital project budget was low taking into account the number of capital projects for the markets.

In response, Officers stated that some of the savings were TOM savings and some savings were opportunistic.  Going forward, there would be further opportunistic savings arising from TOM related staffing restructures.  Officers also advised that inflation was not included in the figures and the 2% efficiency savings target applied up to and including 2022/23.  The capital projects budget covered capital projects within the remit of the Markets Committee

Members requested a comprehensive report on all markets capital projects irrespective of which department was co-ordinating these projects so that the Committee retained full oversight on all markets related capital projects.  Officers undertook top provide this information once the current capital bidding process for 2022/3 was complete and would also explore how best to present this information to Members going forward.

RESOLVED – That Members:

1.     Note the latest revenue budget for 2021/22 for Markets Committee;

2.      Approve the Markets Committee proposed revenue budget for 2022/23 for submission to Finance Committee;

3.      Approve the Markets Committee proposed capital and supplementary revenue projects budgets for 2022/23 for submission to Finance Committee;

4.      Authorise the Chamberlain, in consultation with the Chief Operating Officer, to revise these budgets to allow for any further implications arising from subsequently approved savings proposals, Target Operating Model (TOM) implementation, or changes to the resource envelope; and

5.      Agree that amendments for 2021/22 and 2022/23 budgets arising from changes to recharges or for any further implications arising from Corporate Projects, other reviews and changes to the Cyclical Works Programme and capital charges during budget setting be delegated to the Chamberlain in consultation with the Chief Operating Officer.

6.      That a comprehensive report on all markets capital projects be presented to a future meeting, irrespective of which department is co-ordinating these projects so that the Markets Committee retains full oversight on all markets related capital projects.