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Item 8 - Consolidated Pre-Audited outturn 2016/17

Summary

This report highlights the pre-audited consolidated financial position for London Councils for the 2016/17 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 2017 are also shown, together with overall conclusions and prospects for 2017/18 and beyond, after taking into account known commitments.

Recommendations:    

The Executive is asked:

•    To note the provisional consolidated outturn surplus of £3.044 million for 2016/17 and the provisional outturn position for each of the three funding streams; 

•    To approve the carry forward of £29,000 into 2017/18 in respect of planned NOTIFY system developments;

•    To approve the carry forward of the underspend of £15,000 in respect of the YPES be held in reserves for the specific future funding of this service, in accordance with usual practice;

•    To note the carry forward of £227,000  into 2017/18 in respect of TEC system developments, subject to final approval by the TEC Executive on 20 July;

•    To note the provisional level of reserves of £13.056 million as at 31 March 2017 (paragraphs 62-63), which reduces to £5.59 million once known commitments of £7.466 million are taken into account (paragraphs 64-65);

•    To note the updated financial position of the London Councils as detailed in paragraphs 66-67 of this report; and

•    To agree to receive a further report in November 2017 after the completion of the external audit by KPMG LLP to adopt the final accounts for 2016/17. The final accounts will be signed off at the meeting of the Audit Committee on 21 September 2017, at which KPMG will formally present the Annual Audit Report for approval.