Agenda item

Report of the Chamberlain and Director of Markets & Consumer Protection.

The Committee considered a joint report of the Chamberlain and the Director of Markets and Consumer Protection which sought approval to the provisional revenue budget for 2014/15, for subsequent submission to the Finance Committee.  Overall, the 2014/15 provisional revenue budget totalled £367,000, an increase of £287,000 compared with the latest approved budget for 2013/14 of £80,000.

 The main reasons for the increase were:

·           An increase in City Surveyor’s repairs and maintenance costs of £277,000 and additional works programme of £400,000. A total increase of £677,000.

·           Total premises related costs have increased by £463,000

·           Total employee costs had increased by £95,000.

·           Increase in the waste and cleaning contract at Spitalfields market of £37,000.

·           Small adverse variances totalling £8,000.

·           Increased income of (£948,000), which related to additional costs that were recoverable through the service charges.

·           Reduction in support services and capital charges of (£45,000).

In response to a question by a Member, the Director explained that if revisions to the budget varied by more than 10% a further report would be submitted to this Committee.

RESOLVED – That Members:

·           Approve the provisional 2014/15 revenue budget to ensure that it reflects the Committee’s objectives and approve the budget for submission to the Finance Committee.

·           Approve the draft capital budget.

·           Authorise the Chamberlain to revise these budgets to allow for further implications arising from potential budget developments including any changes from Markets service reviews, City of London procurement initiative savings, changes to the Additional Works Programme, implications arising from carbon trading allowances and changes in respect of recharges. If the revisions vary by more than 10% of total net expenditure, a further report would be submitted to this committee for approval.