Item 5. TEC Month 9 Revenue Forecast 2015-16 (TE 02/16)

This report outlines actual income and expenditure against the approved budget as at 31 December 2015 for TEC and provides a forecast of the outturn position for 2015/16. At this stage, a surplus of £562,000 is forecast over the budget figure. In addition, total expenditure in respect of Taxicard trips taken by scheme members is forecast to underspend by £1.395 million, if current trip volumes continue for the remainder of the year. The net borough proportion of this underspend is projected to be £1.146 million, with £249,000 accruing to TfL.

The TEC Executive Sub Committee is asked to:

  • note the projected surplus of £562,000 for the year, plus the forecast underspend of £1.395 million for overall Taxicard trips, as detailed in the report, and
  • note the projected level of Committee reserves, as detailed in paragraph 5 of the report, and the commentary on the financial position of the Committee included in paragraphs 6-7

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