Agenda item

To consider a report seeking authority to submit to the Mayor of London information relating to the City of London Corporation’s On-Street Parking Reserve.

PLANNING AND TRANSPORTATION COMMITTEE

(Michael Welbank, M.B.E.)

17 November 2015

Surplus Arising for On-Street Parking 2014/15 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.

Member were advised that:

·      the surplus arising from on-street parking activities in 2014/15 was £5.786m;

·      a total of £6.452m, was applied in 2014/15 to fund approved projects; and

·      the surplus remaining on the On-Street Parking Reserve at 31st March 2015 was £14.987m, which would 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.