Joint report of the Chamberlain and the Director of Markets and Consumer Protection.
The Committee considered a joint report of the Chamberlain and the Director of Markets and Consumer Protection detailing the revenue and capital budgets overseen by the Markets Committee.
The Deputy Chairman drew Members’ attention to two typographical errors within the report, one on page 19 of the agenda pack where the heading should read Forecast Outturn 2015/16 as opposed to 2017/18 and a further error in the heading of Appendix 4A which should read ‘Original 2015-16 to LAB 2015-16’.
RESOLVED: That, the Committee:
1. are content that the latest 2015/16 revenue budget reflects their objectives and approve the budget for submission to the Finance Committee;
2. are content that the provisional 2016/17 revenue budget reflects their objectives and approve the budget for submission to the Finance Committee;
3. approve the draft capital budget; and
4. authorise the Chamberlain to revise these budgets to allow for changes to the Additional Works Programme and in respect of recharges as well as any changes from Markets Service Reviews, City of London Procurement initiative savings and Carbon Trading Allowances. If the revisions vary by more than 10% of total expenditure a further report will be submitted to the Markets Committee for approval.