Minutes 107/04/04 – 112/04/04

Transport for London

Minutes of a meeting of the Board
held on Thursday 29 April 2004, commencing at 1500 hours
in the Chamber, City Hall, the Queen’s Walk, London, SE1 2AA

Present:
Board Members:	Ken Livingstone	(in the Chair) 
	Bob Crow	
	Stephen Glaister
	Kirsten Hearn
	Oli Jackson
	Susan Kramer	
	Paul Moore
	Sir Gulam Noon
	Murziline Parchment	
	David Quarmby
	Tony West
	Dave Wetzel

In attendance: 
Special Advisors:	Lynn Sloman

In Attendance:
TfL Officers:	Stephen Allen 
Maggie Bellis
	Barry Broe   
	Stephen Critchley 
	Mary Hardy
Peter Hendy
Tim Jones
	Robert Kiley	
	Tim O’Toole 
		Fiona Smith 
	Jay Walder  
					
Secretary:	Horatio Chishimba

		ACTION	
			
107/04/04	APOLOGIES FOR ABSENCE		
			
	Apologies for absence were received from 
David Begg, Sir Mike Hodgkinson and Bryan Heiser.		
			
108/04/04	MINUTES OF MEETING HELD ON 24th MARCH 2004		
			
	The minutes of the meeting held on 24th March 2004 were agreed and signed as a true record.

109/04/04	MATTERS ARISING 		
			
	Declaration of Interests		
	The Chair reminded Board Members of the requirement to declare any interests in the matters under discussion. No interests were declared.		
			
	Matters Arising		
	There were no matters arising.		
			
110/04/04	WEST LONDON TRAM		
			
	Following a report on the discussions held at the Finance Committee and discussions on the timing of the consultation, traffic management measures, issues associated with the displacement of vehicles, the capital cost of the scheme, its financing and the interaction with Cross Rail the Board:-		
			
	• 	noted the contents of the report on the progress of the West London Tram project.		
			
	•	noted that TfL would proceed with a public consultation commencing in June 2004.		
			
111/04/04	PRUDENTIAL BORROWING		
			
	In Mike Hodgkinson’s absence Jay Walder reported on the discussion at the Finance Committee and reported that they had:
		
	•	noted the following points in particular:		
		-	the paper sought approval of a borrowing plan 	for 2004/05 only.		
		-	it was likely that the plan would need to be 	reconsidered once the outcome of the 	Spending Review was known.		
		-	further work was being done on the options for 	borrowing and specific proposals would be 	presented to the Board at a future meeting.		
			
	and commented that:		
		-	it was important that proceeds of prudential 	borrowing were applied to capital projects for 	which there was a strong business case.		
		-	Prudential borrowing should be used in the first 	instance for projects which generate net 	revenue improvements provided that this did 	not distort TfL’s overall planning priorities.		

		-	in subsequent years, the prudential borrowing 	plan should be integrated into the business 	planning cycle.  That would enable effective 	prioritisation of capital and revenue 	expenditures.		
		-	Government should continue to be involved in 	discussions of TfL’s prudential borrowing plans.
		
	Following this report and discussion on it, the Board:-		
	• 	approved the contents of the report and the revised prudential indicators set out in annex 3.

112/04/04	ANY OTHER BUSINESS		
			
	There being no further business, the meeting closed at 1700 hours.		

____________________

CHAIR