How are TfL’s finances faring?

• The 2023-24 Transport for London (TfL) Budget reflects a funding settlement with the government agreed in August 2022, which includes guaranteed fares income from the government at £5.2 billion.
• Operating costs are set to increase by over £700 million in 2023-24 yet TfL plans to cover this without further government funding. It needed £865 million of government funding in 2022-23.
• Following a collapse in ridership caused by COVID-19, TfL anticipates that it will return to 90 per cent of pre-pandemic passenger volumes during 2023-24.
• The budget includes the Mayor’s expansion of the Ultra-Low Emission Zone (ULEZ) to the Greater London boundary from 23 August 2023.
• The expansion will be accompanied by a £110 million scrappage scheme to support Londoners on lower incomes, disabled Londoners, small businesses, and charities.

The Mayor oversees a total budget of £20 billion and is responsible for allocating funds for the Greater London Authority (GLA) and its functional bodies, including TfL.

TfL is by some distance the largest of the Mayor’s functional bodies, accounting for 55 per cent of the £20 billion Mayor’s 2023-24 Consolidation Budget.

Tomorrow, the London Assembly Budget and Performance Committee will meet to discuss TfL’s budget submission for 2023-24, including the government funding agreement and the impact and costs of new services such as the ULEZ Expansion and the Elizabeth Line.

The guests are:

• Andy Lord, TfL Commissioner
• Rachel McLean, Chief Financial Officer, TfL
• Patrick Doig, Group Finance Director, TfL
• Seb Dance, Deputy Mayor for Transport
• Enver Enver, Assistant Director Group Finance and Performance, GLA

The meeting will take place on Wednesday, 4 January 2023 from 10am, in The Chamber, City Hall, Kamal Chunchie Way, London, E16 1ZE.

Media and members of the public are invited to attend.

The meeting can also be viewed LIVE or later via webcast or YouTube

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