13 | TfL outlines its budget for 2020 – focusing on more cost cutting | ----------- | |
IanVisits | 2019-03-21 16:10 | ????0? | |
The budget covers the first year of TfL’s Business Plan and shows how TfL will continue to invest in the vital transport improvements London needs, despite a number of significant challenges, including an average £700m per year reduction in government funding, a subdued economy and the financial impact of the delay to the Crossrail project.TfL is now projecting an income for the year ahead of £6.97 billion, of which £4.86 will come from passengers fares, with the rest made up from other income and grants. In 2019/20, TfL will receive £1.9bn of business rates and around £300m in grants from the Mayor and the Government’s various schemes.The biggest hole in the finances is the losses incurred by the bus networks, which ran at a loss of £640 million over the past year, and projected to rise to a loss of £722 next year. This is mainly due to declining passenger numbers, and unlike other parts of TfL, operating costs are rising rather than falling.The impact of the delayed launch of the Elizabeth line is still around £600 million in lower revenues, although as the line is not operational, their operating costs are also considerably lower. The increased borrowing and debt to cover the cost overruns will also affect TfL’s finances in the years ahead.One interesting snippet from the report is that TfL is assuming that it ” will take over services from Paddington to Reading in 2019″, which does fit in with previous suggestions that this will happen — although not until late this year, although another part of the report talks about the “last quarter of 2019/20”, which means this time in 2020 before the service can start. -- ???????? | |||
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