Item 7 - London Councils – Consolidated Pre-Audited Financial Results 2019/20 (E16/20)

Summary: 

This report highlights the pre-audited consolidated financial position for London Councils for the 2019/20 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 2020 are also shown, together with overall conclusions and prospects for 2020/21 onwards, after considering known commitments.

 

Recommendations: 

The Executive is asked:

• To note the provisional consolidated outturn surplus of £2.619 million for 2019/20 and the provisional outturn position for each of the three funding streams;

• To agree the carry forward of £452,000 into 2020/21 in respect of the Challenge Implementation Fund (CIF);

• To note the carry forward of £91,000 into 2020/21 in respect of TEC London Lorry Control scheme review, subject to final approval by the TEC Executive on 16 July;

• To note the provisional level of reserves of £14.307 million as at 31 March 2020 (paragraphs 58-59), which reduces to £9.743 million once known commitments of £4.564 million are considered (paragraphs 59-60);

• To note the updated financial position of London Councils as detailed in paragraph 62 of this report; and

• To agree to receive a further report in November 2020 after the completion of the external audit by Grant Thornton LLP (GT) to adopt the final accounts for 2019/20. The final accounts will be signed off at the meeting of the Audit Committee on 17 September 2020, at which GT will formally present the Annual Audit Report for approval.

 

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