Agenda item

(B) Revenue and Capital Budgets 2019/20 and 2020/21

(B) Revenue and Capital Budgets 2019/20 and 2020/21 – to receive the latest revenue budgets for 2019/20, approve the revenue budgets for 2020/21, and approve the capital budgets.

Minutes:

18 February 2020

(B) Revenue and Capital Budgets 2019/20 and 2020/21: 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 2020/21 (the budgets for City Fund having already been considered under part A above).

 

Resolved – That:-

1.    The latest revenue budgets for 2019/20 (paragraphs 19 and 26) be noted.

2.    The 2020/21 revenue budgets be approved, including the following measure;

·         City’s Cash: Efficiency Savings: Maintain the 2% efficiency saving across all Corporation departments, which together with a pay and inflation uplift of 2%, subject to the outcome of the Pay Review, would result in flat cash budgets (paragraph 2).

 

3.    City’s Cash: additional resource requests for City’s Cash of £0.7m (paragraph 16) be approved.

 

4.    Bridge House Estates: That the following be approved;

 

  1. a resource request for £25m further charitable funding in the three years from 2020 to underpin the celebration of 25 years of CBT (paragraph 17).

 

  1. additional funding of £0.17m for an enhanced Charities Team (paragraph 18).

 

5.    The 2020/21 Capital and Supplementary Revenue Project Budgets for City’s Cash and Bridge House Estates amounting to £27.2m and £7.1m, respectively (paragraph 33) be approved.

 

6.    The allocation of central funding of up to £18.6m for City’s Cash and £0.9m for Bridge House Estates be approved to meet the cost of the 2020/21 new bids, together with central funding of up to £3.5m for the remaining City’s Cash projects previously agreed for progression outside of the fundamental review.  Release of such funding being subject to approval at the relevant gateway and specific agreement of the Resource Allocation Sub-Committee at Gateway 4(a) (paragraph 35).

 

7.    The allocation of central funding to provide an internal loan facility of up to £10.6m for the City of London School to progress its masterplan be approved; the release of such funding being subject to approval at the relevant gateway and separate approval of the loan terms and conditions(paragraph 36).

 

8.    Authority be delegated to the Chamberlain to determine the final financing of capital and supplementary revenue project expenditure.

 

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.

Supporting documents: