Item 8 - Consolidated Pre-Audited Outturn 2018/19 (E18/19)

Summary: 
 
This report highlights the pre-audited consolidated financial position for London Councils for the 2018/19 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 2019 are also shown, together with overall conclusions and prospects for 2019/20 and beyond, after considering known commitments. 
 
Recommendations: 
The Executive is asked:
• To note the provisional consolidated outturn surplus of £3.105 million for 2018/19 and the provisional outturn position for each of the three funding streams;
• To agree the carry forward of £50,000 into 2019/20 in respect of London Office for Technology and Innovation (LOTI) set up costs;
• To note the carry forward of £133,000 into 2019/20 in respect of TEC system developments (£17,000) and the London Lorry Control scheme review (£116,000), subject to final approval by the TEC Executive on 18 July;
• To note the provisional level of reserves of £15.010 million as at 31 March 2019 (paragraphs 58-59), which reduces to £10.229 million once known commitments of £4.781 million are considered (paragraphs 60-61);
• To note the updated financial position of the London Councils as detailed in paragraph 62 of this report; and
• To agree to receive a further report in November 2019 after the completion of the external audit by KPMG LLP to adopt the final accounts for 2018/19. The final accounts will be signed off at the meeting of the Audit Committee on 18 September 2019, at which KPMG will formally present the Annual Audit Report for approval.

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