Agenda item

Revenue & Capital Budgets - Latest Approved Budget 2023/24 and Original 2024/25 - Excluding dwellings service charge income & expenditure

Report of the Executive Director, Community and Children’s Services.


The Committee considered a report of the Executive Director, Community and Children’s Services in respect of the annual submission of the revenue and capital budgets overseen by the Barbican Residential Committee. 


The Chair addressed the Committee on this and the following item on the agenda jointly, noting the comments from Members at the Special Meeting of the Barbican Residents Consultation Committee (RCC) on 17th January 2024.  Members of the BRC had received their draft minutes ahead of this meeting, together with further information requested in respect of variances to the service charges.   The Chair suggested, and Members agreed, that they should not take a decision on agenda items 7 and 8 in their current format.


The Chair suggested that the decisions be taken under delegated authority by the Town Clerk, in consultation with the Chair and Deputy Chair, together with the RCC Chair. The Chair also wished to supplement this process with an urgent, informal meeting of the BRC, to discuss proposals further, The Assistant Town Clerk asked the Committee to note the reporting timescales for the City of London Corporation’s obligations in terms of setting its Budget for 2024/25.


Whilst this suggestion was welcomed, concerns were raised about the budget papers being late this year and the Chamberlain explained that this had been due to delays with recharges.   The Chair asked for assurance of better planning in the future.  


Members expressed concerns in that the revised budget appeared to represent an overspend, which would have implications for Leaseholders, and it should have been flagged earlier in the process. Given that the Corporation has charged leaseholders for work outside of the original budget, then Leaseholders need to understand unit costs, in order to have assurance that their service charges are being managed appropriately.   The presentation should also be more transparent in terms of  miscellaneous and support services.


Whilst the updates provided to the RCC and BRC Members over the weekend were welcomed, it was suggested that the format and monitoring of future reports should align with the aims of the Transformation Board.  


The Chair of the RCC was in attendance and supported this approach.


RESOLVED, that – the approval of the provisional 2024/25 revenue budget and its recommendation for submission to the Finance Committee be delegated to the Town Clerk, in formal consultation with the Chair and Deputy Chair of the BRC, who would in turn exercise their own discretion and courtesy to consult the RCC.


Supporting documents: