Agenda item

(A)      Annual On-Street Parking Accounts 2015/16 and Related Funding of Highway Improvements and Schemes – seeking authority to submit to the Mayor of London information relating to the City Corporation’s On-Street Parking Reserve.

For Decision

17 November 2016

(A) Surplus Arising for On-Street Parking 2015/16 and Utilisation of Accrued Surplus

The City of London in common with other London authorities is required to report to the Mayor for London on action taken in respect of any deficit or surplus in its On-Street Parking Account for a particular financial year.

Members were advised that:

·           the surplus arising from on-street parking activities in 2015/16 was £5.608m;

·           a total of £3.366m, was applied in 2015/16 to fund approved projects; and

·           the surplus remaining on the On-Street Parking Reserve at 31 March 2016 was £17.229m, which will be wholly allocated towards the funding of various highway improvements and other projects over the medium term.

The Court was recommended to note the contents of the report and approve its submission to the Mayor of London.

Resolved – That the report be approved for submission to the Mayor of London.