TfL Olympic and Paralympic bonus payouts

Meeting: 
MQT on 2012-11-21
Session date: 
November 21, 2012
Reference: 
2012/3305
Question By: 
Caroline Pidgeon
Organisation: 
Liberal Democrats
Asked Of: 
The Mayor

Question

In your answer to MQ 2306/2012 you stated that TfL would complete its analysis of the revenue effects of the Olympics by the end of September. In your answer to Mayor's Question 2849/2012 you stated that this information will now be available 'before the end of the year'. Can you explain why this information has been delayed? Do you think this delay and broken promise upholds your claims to be an open and transparent Mayor?

Answer

Answer for TfL Olympic and Paralympic bonus payouts

Answer for TfL Olympic and Paralympic bonus payouts

Answered By: 
The Mayor

The analysis took longer than initially expected because of the complicated funding and accounting arrangements and the need to identify and isolate the effects of the Games from that of other factors affecting fares revenue.

That analysis is now complete and a report of it is attached (Appendix A).

The headline result is that revenue on TfL's rail modes was increased by around £8 million while bus revenue was reduced by around £1 million. This includes funding received from LOCOG for Games Maker travel, a significant part of which was made before the Games officially started.