TfL Budget

Meeting: 
MQT on 2012-09-19
Session date: 
September 19, 2012
Reference: 
2012/2313
Question By: 
Caroline Pidgeon
Organisation: 
Liberal Democrats
Asked Of: 
The Mayor

Question

In TfL's Finance and Policy Committee paper on May 31st the report states that TfL is ahead of budget due to 'favourable movements in Travelcard apportionment factors'. Please explain in plain English what this means.

Answer

Answer for TfL Budget

Answer for TfL Budget

Answered By: 
The Mayor

When Travelcards are sold, the resulting fares income is shared between the Train Operating Companies (TOCs) and TfL.

The income shares (the apportionment factors) reflect the level of use by Travelcard holders of TfL and TOC services.

These shares are reviewed and adjusted each quarter based on the results of our understanding of actual usage.

Recent reviews have resulted in increases (favourable movements) in the share of revenue assigned to TfL because of actual patterns of use.

The additional revenue being apportioned to TfL as a result is a key reason why revenue was ahead of budget last year.