Transport for LondonFinancial review
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In transforming London's transport system, TfL has an unprecedented and outstanding opportunity to make a difference to the daily lives of millions of Londoners. This challenge requires the ability to deliver on time and within budget.
The Mayor's Transport Strategy has set the framework objectives and agenda for the next decade. Only through effective management and forward looking decision making structures will this become a reality.
From April 2002 to March 2003, TfL spent £1,768 million, which included £1,060 million on bus services, £510 million on roads and £40 million on rail. A total of £1,092 million of transport funding is provided through the government, the Greater London Authority and third parties. Passenger fares, Street Management activities and other services, contributed a further £717 million. During the year, TfL invested £280 million, £63 million on vehicles and equipment, £214 million on infrastructure and £3 million on land and buildings.
London Underground joined TfL on 15 July 2003. In a full year, this will add a further £1.2 billion to sales, £2.1 billion to expenditure (including capital investment) and £2.6 billion to net assets.
| Funding Review | 2002/03 £m |
2001/02 £m |
|---|---|---|
| Funding requirement | ||
| Sales revenue | 717 | 518 |
| Expenditure (including £280 million capital investment) | (1,768) | (1,175) |
| Losses of joint venture company before grant | (13) | (3) |
| Finance lease charges net of interest | (15) | (18) |
| Working capital movements | (1,079) | (678) |
| (13) | (62) | |
| (1,092) | (740) | |
| Sources of funding | ||
| Transport grant | 1,024 | 717 |
| Other funding | 68 | 23 |
| (1,092) | 740 | |
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