Agenda item

Joint report of the Chamberlain and the Director of Markets and Consumer Protection.

The Committee received a joint report of the Chamberlain and the Director of Markets and Consumer Protection in respect of the Revenue Outturn position for 2015/16.  In response to questions, the following points were noted:

·      The net operating deficit had improved on a few years ago.  Further expenditure would add to the loss; the Director explained that the 2010-2013 lease negotiations had included historical repairs, at the City’s cost, including the Poultry Market Roof.

·      Previously, it had not been necessary to carry stock in the accounts but the revenue account had been credited to show unused stock from the current year, which would be used in the next period.

·      Citigen was static but rebalanced at the end of the financial year, due to fluctuating oil prices. 

·      Insurance was being paid on the old Vegetable Market, which had been demolished as part of the Crossrail project but this had since been corrected and a refund obtained.   Officers agreed to check for similar oversights. 

RESOLVED, that – the Revenue Outturn Report for 2015/16 and the proposed carry forward of under spending to 2016/17 be noted.