The future of Finance at Transport for London
Published: 09 Aug 2017
As the integrated transport authority running the day-to-day operation of the Capital’s public transport network, TfL also manages London’s main roads. With over 31 million journeys made across our network every day, we do all that we can to keep our city moving, working and growing.
TfL is facing a period of unprecedented financial challenge. From next year, we’ll cover our £6bn annual operating costs from our own sources of income. We’ll be the first transport authority in Europe to operate without Government support for our day-to-day operating costs.
By 2020 we’re aiming to make an operating surplus so that we can reinvest it in our network. This is critical, so that we can continue to fund our £2bn of capital investment each year. Above all, our focus is on meeting the needs of our customers, now and for the future.
To achieve our goals, we need to make significant change. The TfL of the future must be financially sustainable. More efficient and more commercially focussed, we’ll provide greater value for money. We’ll continue to be at the forefront in technological innovation, and the envy of transport authorities around the world. Our Finance teams have a huge part to play in this.
As expert finance professionals, we’ll work with the business to make decisions together. We’ll challenge where needed, driving and guiding the business to reduce costs and increase income. All while continuing to deliver safe and reliable services.
Everything we do is about delivering value for farepayers and taxpayers. As stewards of their money we have a responsibility to manage it prudently to deliver the best services, and to keep transport in London affordable. With millions of transactions every day, this is large-scale, fast-paced work.
Join us, and you’ll shape the way we work as a business. As we modernise and improve our transport systems and infrastructure to help keep the London economy going and growing, you’ll help millions of people get to where they need to be.