kpmg, external audit, is very good. are developing an internal audit plan to ensure compliance with rules and regulations and ensure best practices are followed. as i mentioned in february, we will bring the 1920 and 2021 budget to the finance and budget committee and health service board for final approval. at that time we'll be bringing in the stability fund. are there any other questions? >> commissioner lim: general comment on the mayor's budget, every year they come up with a projected deficit, the following year, 2021 is and 83. for last 10 years, in 2008, every year the city comes up with a positive surplus every year. [please stand by] >>> salaries and benefits. the issue in the pensions is that they had projected and put into their accuwearial calculations a better return on investments than they are getting so therefore since they are not getting it, they have to charge more, you know, they collect more in the pension rates go up. as you know, we also have the issue where all of us are living longer, and that

overall, -- they will be coming because it's a requirement that kpmg comes to what is consider boardof directors to present the audit based on -- i would assume it's generally accepted accounting principles they use. they have rules that say they have to come here and report. i will hopefully have that scheduled in february along with the presentation by myself. i'll be happy to entertain any questions. >> i i like to comment pam to you and your team. i know this was walk through hell quite frankly this year with the changes in the financial system with the city and you led on that process and we've talked about that earlier. now to have to go back arealign the old and new and get the reporting correct is remarkable effort. >> thank you. there have been new announcements that affect thecye city as a whole and not us. we do our own independent financials which take up significant portion of marina's time, mitchell's time and my folks and myself time. unfortunately that's continuing. there's a couple of pronouncementmentsments that arg down the pike for next year. we don't know the ful

administrators kpmg said 121 sites would continue trading, but 70 cafes and concessions will close inpson has more details. business was valued at half £1 billionjust for months business was valued at half £1 billion just for months ago, it was supposed to be generating healthy product profits, selling cakes from around 200 stores, employing more than 3000 staff but it really was plunged into crisis when this huge and potentially fraudulent accounting irregularities were discovered. last week, the company said it was much worse than it had initially expected. today, it failed to secure a financial lifeline from the banks and the administrators we re the banks and the administrators were called in. in a sign ofjust how dire finances were, 70 stores and concessions are closing immediately. so that is going to affect about 900 jobs, including this one here. there is a sign in the window saying it is not going to be opening tomorrow, is that quick. 121 profitable stores were told, profitable outlets, are still going to be trading as normal while the administrators are looking for a buyer,

sue here works for kpmg, she has been working for dozens for kpmg, she has been working for d oze ns, do nothing, which is a battle hardened mentality really that businesses believe that they will be able to duck and dive when the time comes. that is after many, many years and months of consumer price pressure and different demands on the set, but at the other end we seeing a lot more activity in the sector now seeing a lot more activity in the sector now around seeing a lot more activity in the sector now around brexit planning. some relatively straightforward measures like making sure businesses have proper foreign—exchange hedging in place to cover a longer period than perhaps. understanding alternative sources of supply, maybe from the uk rather than europe, but we are seeing largerscale projects as well. so one of my clients in this region, for example, has accelerated a warehouse and celebration project, which will reduce the requirement for unskilled labour. ok, so what you are seeing is we are seeing innovation being galvanised in a way? you work for the food and drinks feder

london luton airport, is unsustainable in its present form, according to monarch‘s administrators kpmgon manufacturing output. and also news that a us delegation will visit china next week for talks aimed at defusing the trade war between the world's two largest economies. and we also have figures just out on employment in the united states, which will again push up the market. the ftse up. 0il looking stronger. apple, no figures that at the moment, but shortfalls yesterday following its warning about the sales it be having. pound against the euro, about the same as yesterday. that's all the business news. now it's time for a look at the weather. it's been a real lottery today in terms of the weather. this picture was taken in the prostate but sunny conditions earlier on in hungerford. it was minus five celsius when this was taken. at the same time in your place, the temperature was plus five underneath the clouds. the temperatures hava nt an underneath the clouds. the temperatures havant an awful lot. this is the extent of the cloud earlier, some breaks across eastern scotla nd earlie

kpmg, who wrote the report, says it‘s being driven by uncertainty over brexit.istrict line has minor delays between turnham green and richmond because of a faulty train — all other lines running normally. now you‘ll have heard on bbc breakfast about the problems yesterday both at heathrow, following a drone sighting, and at paddington after the station was plunged into darkness for a time — just to mention we‘re told there is a normal service both at heathrow airport and paddington station this morning. and this is how the north circular looks — it‘s slow westbound from the a10 great cambridge interchange in edmonton towards palmers green. time for the weather now with kate kinsella. good morning. it‘s a chilly start this morning. in the most part, temperatures hovering just above zero. there may be one or two sparkles of frost in the more sheltered spots first thing. dry today, a cold day, but with some decent spells of sunshine. we do have a bit patchy cloud and we have still got this north—westerly, northerly breeze, and that‘s dragging in the colder air. it

i have a couple of destiny, sue richardson from kpmg.ou are filling your day with talking to them about brexit planning? definitely. we are really encouraging companies to do whatever they can to plan for a number of different brexit scenarios, so making sure people are very clear on their full supply chain, where are their full supply chain, where are their products coming from and where are their suppliers getting their products from? so if you have uk suppliers, do they themselves are suppliers, do they themselves are suppliers coming from europe, which ports do your products come through? to make sure they understand where all the risks are. to make sure they understand where allthe risks are. foreign to make sure they understand where all the risks are. foreign currency is another potential issue. if we do see uncertainty in the markets over the coming months, we have seen a lot of people put hedging in place to try and mitigate that risk. and then there are simple steps as well, so then there are simple steps as well, so for many s

administrators kpmg said 121 sites would continue trading, but 70 cafes and concessions will close in so long to take action on environmental challenges. he was speaking during an interview with sir david attenborough at a gathering of international leaders and businessspeople in the swiss resort of davos. sir david told the prince that it was difficult to overstate the urgency needed to tackle climate change. from davos, our diplomatic correspondent james landale sent this report davos — playground for the rich and conference hall for the powerful. but look who's also here — a first—time visitor come to discuss climate change. a future monarch interviewing a man seen by many as broadcasting royalty. normally, i have to endure people asking me questions, so it's quite nice to turn the tables for once. and his subject — the global threat to the environment. how urgent is that crisis now? it's difficult to overstate it. the mechanisms that we have for destruction are so wholesale and so frightening that we can actually exterminate whole ecosystems without even noticing it. but know this

mr ashley has handed an offer to administrators kpmg for the high street music chain which has more thaneemingly one of the few people on the high street with a strong hand. it's interesting how the get chopped. the car crash involving the duke of edinburgh continued to make headlines over the weekend, with norfolk police confirming they spoke to prince philip after he was pictured driving without a seat belt, 48 hours after that crash near sandringham. one of the women injured in the collision has spoken of her disappointment at the way the incident has been handled by the royal family. robertjobson is the royal editor of the evening standard and joins us from central london now. good morning to you. thanks premat joining us. i suppose there is no royal protocol for dealing with this incident. what's happened? a difficult situation for the royal family. it's great that everybody escaped, relatively unscathed. it's been investigated by the police. if the duke of edinburgh had sent an apology to this baby, of course, it's accepting guilt. i think they've sent their messages of well—wisher

there is hope of finding a buyer, but kpmg said there would be significant redundancies and the bbc understandsng i buyer? i think it is unlikely they will find a single buyer that they have some great sites and some great businesses. the issues that have this set patisserie valerie have been around accounting and finance, so i think other competitors will be circling that business, looking at them and trying to buy chunks of that business. but unfortunately i think there will be redundancies from members of staff who really have been completely not at fault of the problem with this business and it is a real shame, and itjust shows business and it is a real shame, and it just shows how so many of these jobs in the high street are at risk. we also heard today aboutjohn lewis closing at store, knight and lee in southsea. it will be a disappointment for many shoppers there. why is it closing this, there is one other in thejohn lewis train the macro chain to retain an individual name? that's right, some people remember that shops used to have their own individual names. the one in southsea is quite