In the last 6 months - Internal reports that outline the options available for Transport for London if it does not have enough income left over after covering day-to-day operating costs to renew assets or fund investment programme. Ie if the book aren’t balanced.

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TfL Ref: FOI-4780-1718

Thank you for your request received by Transport for London (TfL) on 6 March 2018 asking for reports.

Your request has been considered in accordance with the requirements of the Freedom of Information Act and our information access policy. I can confirm we do hold the information you require.

Like any business, TfL is constantly seeking to both reduce costs whilst maintaining or improving service to customers and mitigate the strategic risks to our organisation. Our management team explore savings opportunities because this is the way any effective business should conduct its affairs. Our decision making is based on delivering the Mayor’s Transport Strategy for best value within the funding available to us to do so.  We have a balanced budget and Business Plan and this includes operating with a net operating deficit until we move to a surplus later in the Plan.

In accordance with the FOI Act, we are not obliged to supply the specific information you have requested as it is subject to a statutory exemption to the right of access to information under section 43(2). This is because disclosure of the information you have requested is likely to negatively affect our commercial interests.

Provision of the information you have requested is likely to inhibit our ability to obtain best value for money for a variety of contracts and projects by providing prospective suppliers and bidders with an overview of our strategic thinking, long and short term risk mitigation and business priorities. This information is likely to be used to weaken our negotiating position and therefore we consider that the exemption applies.

The use of this exemption is subject to an assessment of the public interest in relation to the disclosure of the information concerned. We recognise that there is a public interest in openness and transparency, particularly in relation to financial accountability. However we feel that the balance of public interest is weighted in favour of the exemption to ensure that we remain able to maintain a strong negotiating position within the marketplace to continue to achieve best value for money in major projects.

However, we publish a great deal of information about how we manage liquidity, debt and other aspects of our finances. Some of these elements are summarised under our Board approved Treasury Management Policy and Strategy documents, published here: http://content.tfl.gov.uk/tfl-treasury-management-strategy-2018-19.pdf and http://content.tfl.gov.uk/treasury-management-policies-and-practices.pdf

Please see the attached information sheet for details of your right to appeal.

Yours sincerely

Lee Hill

Senior FOI Case Officer

FOI Case Management Team

General Counsel

Transport for London

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