Agenda item

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 seeking approval to the latest revenue budget for 2016/17 and provisional revenue budget for 2017/18, for subsequent submission to the Finance Committee.

The Chairman, on behalf of the Committee, thanked the Chamberlain for a very comprehensive report and for helpfully summarising the key information within a table at the beginning of the report.

RESOLVED – That, the Committee:

1.    are content that the latest 2016/17 revenue budget reflects their objectives and       approve the budget for submission to the Finance Committee;

2.    are content that the provisional 2017/18 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.