TfL's financial woes continue

TFL's published revised budget, a condition of the financial agreement on June 1, reveals that the organisation is still grappling with the implications of the most recent bailout. Operational costs savings and capital investment deferrals to future financial years have allowed

TfL to reduce the funding requirement of running the transport network to

£1.9 billion. However, with only £1.4 billion secured so far, the organisation still is struggling to deal with a £500 million shortfall in funding beyond December 11, when the current funding agreement with central Government ends.