Agenda item

To consider the annual On-Street Parking Accounts for 2016/17.

PLANNING AND TRANSPORTATION COMMITTEE

(Christopher Michael Hayward)

21 November 2017

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 2016/17 was £6.313m;

·         a total of £3.421m, was applied in 2016/17 to fund approved projects; and

·         the surplus remaining on the On-Street Parking Reserve at 31st March 2017 was £20.121m, 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.