Agenda item

Report of the Chamberlain.

NB: This report has been considered and agreed by your Streets and Walkways Sub-Committee and by the Finance Committee.

The Committee received a report of the Chamberlain in respect of the Annual On-Street Parking Accounts 2015/16 and related funding of highway improvements and schemes. 

It was noted that, in common with other London authorities, the City of London Corporation was required to report to the Mayor of London on action taken in respect of any deficit or surplus in its On-Street Parking Account for a particular financial year and this report informed Members that there was a surplus of £5.608m arising from on-street parking activities in 2015/16; that a total of £3.366 was applied in 2015/16 to fund approved projects; and the surplus remaining on the On-Street Parking reserve at 31^st March 2016 was £17.229m and which would be wholly allocated towards the funding of various highways improvements and other projects over the medium term.

In response to a query regarding fine-processing arrangements, Officers undertook to clarify the position after the meeting.

Resolved:– That the report be noted ahead of submission to the Mayor of London.