Nexus is in the top 1% of public bodies when it comes to managing its accounts efficiently.
Nexus, which owns and manages the Tyne and Wear Metro, has been marked out for praise by the Government-appointed Audit Commission for the speed with which it was able to publish fully audited accounts with an unqualified audit opinion.
Nexus is one of only 13 of more than 1,300 public bodies across the country – and the only large organisation in the North East - singled out for praise for publishing accounts early.
And it is one of ten praised for achieving this consistently over the last four years. Click here to view the Audit Commission report.
Nexus manages an annual budget covering £168m of operational expenditure. It is also in the process of delivering the £389m Metro all change modernisation programme, a Government-funded project to renew tracks, refurbish trains and improve stations with annual capital spending of around £40m a year.
The organisation is overseeing the largest scale implementation of a smartcard system using gatelines in the UK outside of London. This is on top of providing hundreds of subsidised bus routes, including school buses, and specialist transport for disabled people. Nexus also owns and operates the cross-Tyne Shields Ferry service.
Director of Finance and Resources for Nexus, John Fenwick, said: “This special mention by the Audit Commission reflects highlights the efficient way in which we manage our budgets and account for expenditure.
“We are delivering an extremely ambitious modernisation programme at a time of great pressure on public spending, which makes it all the more impressive that we have continued to maintain the very high standards we set in financial management.”
Marcine Waterman, the Commission’s Controller of Audit, said: “The timely presentation of audited accounts with an unqualified audit opinion indicates that bodies have sound financial management arrangements and good governance. It is the main way that they account for their use of public money.
“We highlight 13 principal bodies that published their audited accounts early this year, ten of which have published their audited accounts early for at least three of the last four years. They set the standard for all other organisations.”