Item 8 - Consolidated Pre-Audited Final Accounts 2014/15 (E23/6)

This report highlights the pre-audited consolidated financial position for London Councils for the 2014/15 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 2015 are also shown, together with overall conclusions and prospects for 2015/16 and beyond, after taking into account known commitments.

 

Recommendations:    

The Executive is asked:

•    To note the provisional consolidated outturn surplus of £2.859 million for 2014/15 and the provisional outturn position for each of the three funding streams; 

•    To note the provisional level of reserves of £10.237 million (paragraphs 60-61), which reduces to £6.493 million once known commitments of £3.744 million are taken into account (paragraphs 62-63);

•    To note the updated financial position of the London Councils as detailed in paragraphs 64-66 of this report; and

•    To agree to receive a further report in November 2015 after the completion of the external audit by PricewaterhouseCoopers (PwC) to adopt the statutory final accounts for 2014/15. The final accounts will be signed off at the meeting of the Audit Committee on 24 September 2015, at which PwC will formally present the Annual Audit Letter to for approval.

Related documents