Summary
This report outlines actual income and expenditure against the approved budget to the end of June 2017 for TEC and provides a forecast of the outturn position for 2017/18. At this early stage, a surplus of £786,000 is forecast over the budget figure. In addition, total expenditure in respect of Taxicard trips taken by scheme members is forecast to underspend by a net figure of £830,000, if trip volumes in the first quarter continue for the remainder of the year. The net borough proportion of this underspend is projected to be £630,000, with £200,000 accruing to TfL.
Recommendations
The Executive Sub-Committee is asked to :
• note the projected surplus of £786,000 for the year, plus the forecast net underspend of £830,000 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 6-8.
