Agenda item

A joint report of the Chamberlain and the Director of Markets and Consumer Protection

A joint report of the Chamberlain and Director of Markets and Consumer Protection provided the annual submission of the revenue and capital budgets which were overseen by the Committee. The report sought approval for the provisional revenue budget for 2015/16 and will then be submitted to the Finance Committee.

A discussion took place regarding the changes from the original 2014/15 revised 2014/15 budgets. Members requested that a report be produced detailing the changes that had taken place.

A Member also requested a breakdown of the 2015/16 depreciation charges for the markets to be provided to Members of the Committee.

RESOLVED – That –

a)    Members review the provisional 2015/16 revenue budget including the service based review proposals and approve for submission to the Finance Committee.

b)    The Town Clerk in discussion with the Chairman and Deputy Chairman be given authority to substitute service based review proposals if the current proposals are rejected. If the new proposal is complex in nature that the Town Clerk shall consult with the Chairman and Deputy Chairman of the Policy and Resources prior to approving an alternative proposal.

c)    Members review and approve the draft capital budget.

d)    Members authorise the Chamberlain to revise the 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 expenditure, a further report will be submitted to this Committee for approval. 

e)    A report detailing the changes from the original 2014/15 budget to the revised 2014/15 budget be circulated to Members.