Agenda item

Culture, Heritage and Libraries Revenue Outturn Forecast as at Quarter 1 2025/26

To receive the report of The Chamberlain, Deputy Town Clerk, Executive Director of Community and Children’s Services, and City Surveyors.

 

Paper plus PP presentation

 

Minutes:

The Committee received the report of the Deputy Town Clerk, Executive Director of Community and Children’s Services, City Surveyors, and Executive Director of Environment setting out the Quarter 1 estimated outturn for the Culture, Heritage and Libraries Committee. Members noted that:

 

  • The total local risk is projected to overspend by £195k, attributed to unidentified savings coupled with lower than targeted income levels highlighted in paragraph 3 of the report; and 
  • The total central risk budget is projected to overspend by £110k, related to an increase in rents and rates upon The London Archives as highlighted in paragraph 4 of the report.

 

Members viewed a presentation setting out budget areas and relevant figures, which was circulated to the Committee on 29 September 2025 as well as being available on the Corporation’s YouTube channel, noting the preference for the information to be circulated prior to the meeting.

 

The presentation set out figures for the 2024/25 budget and outturn, and the 2025/26 budget for these service areas: Guildhall Art Gallery, City Information Service & Outdoor Arts, Guildhall Library, London Archives and Projects, Heritage Gallery, Keats House, Monument, Barbican & Shoe Lane Libraries, Artizan St Library, Roman Remains and Guildhall complex land, Mayoralty & Shrievalty, Committee Directorate, and London Museum Grant.

 

A Member asked for more information on how recharges are allocated. The meeting heard that the corporate function generally dictates the allocation of recharges in an equitable way, that the basis of those allocations can vary, and that the allocations are agreed by the Corporation’s Finance Committee and/or Corporate Services Committee.

 

A Member asked how staffing costs are calculated. The meeting heard that detailed calculations are available for staff costs based on their grade and are agreed with each budget manager, and that National Insurance and other oncosts are included in the calculations.

 

 

 

Supporting documents: