Agenda item

To consider the report of The Chamberlain, Deputy Town Clerk, Executive Director of Innovation & Growth, Interim Executive Director Environment, Executive Director of Community and Children’s Services, and The City Surveyor.

The Committee noted the annual submission of the revenue budgets in relation to the operational services directly overseen by the Committee. 

Members noted that decisions in the wake of the Paul Martin review would need to be incorporated in future iterations of the budgeting process.

On the assumptions set out in the report (paragraphs 4 to 6), a Member noted that the £2.3M growth bid for DC is approaching its third and final year and asked for clarification of future plans and funding – noting the pending review of DC.  The meeting noted that future funding for DC beyond 2024/25 is not included in the current budget.

Members reviewed the proposed allocation of the 2024/25 revenue budget to ensure that it reflects the Committee’s objectives. The Committee noted that the proposed budget for 2024/25 totals a net expenditure of £21.481m - an increase of £0.570m (2.73%) compared with the 2023/24 original budget of £20.911m, which is principally due to:

·       The full year effect of the July 2023 pay award (inc winter payment) (£0.806m),

·       Net 3% inflation (£0.231m),

·       Increase in repairs and maintenance costs (£0.017m),

·       An increase in the Cyclical Works Programme (£0.050m),

·       3% inflationary uplift applied to the Museum of London grant (£0.159m),

·       These increases are partially offset by the Small Business, Research & Enterprise Centre transferred to P&R committee (£0.569m),

·       Implementation of fundamental review savings (£0.020m), and

·       A decrease in capital and support services recharges (£0.099m).

RESOLVED, That Members

1.    Approve the budget for submission to the CoL’s Finance Committee;

2.    Authorise the Chamberlain, in consultation with the Deputy Town Clerk, Executive Directors of Community and Children’s Services, Environment, Innovation & Growth and the City Surveyor to revise these budgets to allow for any further implications arising from Corporate Projects, the Target Operating Model other reviews and changes to the Cyclical Works Programme; and

3.    Authorise the Chamberlain to agree minor amendments for 2024/25 budgets arising during budget setting.