Item 5 - Consolidated Pre-Audited outturn 2015/16 (E21/6)

Summary: 

This report highlights the pre-audited consolidated financial position for London Councils for the 2015/16 financial year.  The provisional consolidated revenue position is shown followed by a separate revenue summary for each of London Councils three funding streams, together with explanations for the significant variances from the approved revised budget. The pre-audited consolidated balance sheet and the provisional level of London Councils reserves as at 31 March 2016 are also shown, together with overall conclusions and prospects for 2016/17 and beyond, after taking into account known commitments.

Recommendations: 

The Executive is asked:

• To note the provisional consolidated outturn surplus of £3.293 million for 2015/16 and the provisional outturn position for each of the three funding streams;

• To approve the carry forward of £23,000 into 2016/17 in respect of planned NOTIFY system developments;

• To note the provisional level of reserves of £12.64 million (paragraphs 64-65), which reduces to £7.242 million once known commitments of £5.398 million are taken into account (paragraphs 66-67);

• To note the updated financial position of the London Councils as detailed in paragraphs 68-69 of this report; and

• To agree to receive a further report in November 2015 after the completion of the external audit by KPMG LLP to adopt the final accounts for 2015/16. The final accounts will be signed off at the meeting of the Audit Committee on 22 September 2016, at which KPMG will formally present the Annual Audit Report to for approval.

 

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