V also doesn't occur in any pinyin finals, but Chinese people commonly use it in their own pinyin spelling anyway because it is used in pinyin input methods as a substitute for ü, which is harder to type.
Your list of initials left out the zero initial, which is important for words like 饿 or 安. As I've commented elsewhere, though "y" is a pinyin initial, "yue" does not feature it - "yue" is just the spelling of the final -üe when no initial is present.
This leads into a question I've had for a while - I know that some Chinese people do not distinguish between y- initials and r- initials. I'd like to know whether that lack of distinction somehow extends to every pinyin syllable that might be spelled with a "y", even if the "y" is normally not viewed as being part of an initial, as in "yu" / "yin" / "yue". Do you know the answer?
(I know that the lack of distinction occurs for 人 even though it does not rhyme with any syllable that might theoretically begin with y- in Mandarin. But that's not quite the same as what I'm asking about; 人 is definitely not a syllable with a zero initial. I would be interested in how the lack of distinction plays out for a syllable like "ri", where it's not obvious to me how the vowel would accommodate changing the initial to y-.)