Agenda item

Revenue and Capital Budgets - 2017/18 and 2018/19

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


The Committee considered the joint report of the Chamberlain and the Director of Markets and Consumer Protection on revenue and capital budgets 2017/18 and 2018/19 and the following matters were raised:-


·         The Committee noted that the report had been drafted prior to the proposed policy direction change relating to the Museum of London relocation and therefore some references in the paper did not reflect this change.


·         On advertising hoardings it was noted that, following a restructure at Clear Channel, the anticipated additional sum of £125,000 for Billingsgate Market would not now be realised in the next financial year and would be removed from the budget. The viability of the project would be reassessed. 


·         In response to a question from the Chairman, the Chamberlain confirmed that the legal fees for film liaison (appendix 2, page 25) were a one-off payment and that clarification of the details would be reported back.


·         A Member asked about the implications and risk of delayed expenditure in the additional works programme and the Chamberlain explained that many  work plans span over more than one financial year with associated slippage / carry forward of identified funds to the next year.


·         In response to a question from a Member, the Chamberlain said that the 2018/19 provisional revenue budget net surplus of £2.2m showed the figure that would not be spent during the year, but comprised of allocated funds going forward.  


  • A Member requested that an additional column be inserted alongside the actual budget for 2016/17, showing the original budget, in order to indicate variances. The Chamberlain confirmed that officers could provide a comparator for future reports. 



(a)  the latest 2017/18 revenue budget be approved;

(b)  the provisional 2018/19 revenue budget be approved for submission to the Finance Committee;

(c)  the draft capital budget be approved; and

(d)  the Building Repairs and Maintenance asset verification exercise being undertaken by the City Surveyor be noted, with the Chamberlain being authorised to make any minor changes for the 2017/18 latest and 2018/19 original budgets arising from the exercise.




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