Item 8 - TEC Month 6 Revenue Forecast 2019-20 with appendices (TE14/19)

Summary 

This report outlines actual income and expenditure against the approved budget to the end of September 2019 for TEC and provides a forecast of the outturn position for 2019/20. At this stage, a surplus of £595,000 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 £2.935 million, if trip volumes in the second quarter continue for the remainder of the year. The net borough proportion of this underspend is projected to be their full budget of £1.495 million, with £1.440 million accruing to TfL.

 

Recommendations 
 
The Executive Sub-Committee is asked to :
• note the projected surplus of £595,000 for the year, plus the forecast net underspend of £2.935 million 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.

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