Item 5 - Consolidated Pre-Audited outturn 2017/18 (E19/6)

Summary:    

This report highlights the pre-audited consolidated financial position for London Councils for the 2017/18 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 2018 are also shown, together with overall conclusions and prospects for 2018/19 and beyond, after taking into account known commitments. 

Recommendations:    

The Executive is asked:

•    To note the provisional consolidated outturn surplus of £4.374 million for 2017/18 and the provisional outturn position for each of the three funding streams; 

•    To note the carry forward of £130,000  into 2018/19 in respect of TEC system developments (£44,000) and the London Lorry Control scheme review (£86,000), subject to final approval by the TEC Executive on 19 July;

•    To note the provisional level of reserves of £14.256 million as at 31 March 2018 (paragraphs 65-66), which reduces to £7.455 million once known commitments of £6.801 million are taken into account (paragraphs 67-68);

•    To note the updated financial position of the London Councils as detailed in paragraphs 69-70 of this report; and

•    To agree to receive a further report in November 2018 after the completion of the external audit by KPMG LLP to adopt the final accounts for 2017/18. The final accounts will be signed off at the meeting of the Audit Committee on 27 September 2018, at which KPMG will formally present the Annual Audit Report for approval.

 

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