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Item 5 - TEC Month 6 Revenue Forecast 2017/18 (TECE16/11)

Summary    

This report outlines actual income and expenditure against the approved budget to the end of September 2017 for TEC and provides a forecast of the outturn position for 2017/18. At this mid-year stage, a surplus of £1.001 million is forecast over the budget figure. In addition, total expenditure in respect of Taxicard trips taken by scheme members is forecast to underspend by a net figure of £809,000, if current trip volumes continue for the remainder of the year. The net borough proportion of this underspend is projected to be £613,000, with £196,000 accruing to TfL.

Recommendations    

The Executive Sub-Committee is asked to :

•    note  the projected surplus of £1.001 million for the year, plus the forecast net underspend of £809,000 for overall Taxicard trips, as detailed in this report; and
•    note the projected level of Committee reserves, as detailed in paragraph 5 of this report and the commentary on the financial position of the Committee included in paragraphs 6-9.