Agenda item

Report of the Chamberlain.

The Board received a report of the Chamberlain in respect of the annual submission of the revenue and capital budgets overseen by the Markets Board.

The Chairman raised a question in relation to inflation and its impacts on the revenue and capital budgets. Officers explained that service charge at Smithfield had been capped and that the Court of Common Council had previously recognised that the Board should not bear the costs of service charge caps it arose in line with inflation.

RESOLVED, that – the Board approve a request to RASC for the budget adjustment relating to the budget shortfall of £698k in 2025/26 at Smithfield Market and agree that any amendments for 2024/25 and 2025/26 budgets arising from changes to recharges, energy costs and any other minor changes be delegated to the Chamberlain in consultation with the City Surveyor.