Agenda item

(B) Revenue and Capital Budgets 2018/19 and 2019/20 –To receive the latest revenue budgets for 2018/19, approve the revenue budgets for 2019/20, and approve the capital budgets.

For Decision

FINANCE COMMITTEE

(Jeremy Paul Mayhew)

20 February 2018

(B) Revenue and Capital Budgets 2018/19 and 2019/20 City’s Cash and Bridge House Estates

The Court was presented with a report which summarised the revenue and capital budgets for each of the City’s three main funds, City Fund, City’s Cash and Bridge House Estates together with the budgets for central support services within Guildhall Administration (which initially ‘holds’ such costs before these are wholly apportioned). The report accompanied the Summary Budget Book which included all the City’s budgets at a summary level in a single document and was available in the Members’ Reading Room and on the City Corporation’s website.

The Court was recommended to approve the revenue and capital budgets for City’s Cash, Bridge House Estates and Guildhall Administration for the financial year 2019/20 (the budgets for City Fund having already been considered under part A above).

Resolved – That the Court of Common Council:-

·         Note the latest revenue budgets for 2018/19.

·         Agree the 2019/20 revenue budgets, including the following measures:

o    Efficiency Savings: Maintain the 2% efficiency saving across all Corporation departments, which together with the pay and inflation uplift of 2% would result in flat cash budgets.

o    Additional resource requests: to establish an in-year provision pending further consideration by the Resource Allocation Sub Committee.

·         Agree the Capital Budgets, as set out in the Summary Budget Book.

·         Medium Term Corporate Plan Alignment and Financial Sustainability

o    Revenue: Establish a fundamental review of priorities to align resources to the Corporate Plan and deliver a sustainable medium-term financial plan and receive a report on the framework and timing in March;

o    Capital: cash limits for the major projects and explore options for further streamlining, joint ventures/private sector capital, a process for prioritising other capital projects, and the disposal of non-income earning surplus operational property as identified from the operational property review and approved by the Policy and Resources Committee.

Further resolved - That the thanks of the Court be given to the Chairman of the Finance Committee for his introduction to the budget reports before the Court this day and that a copy be circulated to every Member in the usual way.