As the monopoly provider of transport in London, our strong and predictable revenue streams have proven resilient over time. We have benefited from consistent revenue growth, and forecasts show this trend is likely to continue.
We are committed to developing new and innovative ways to get the most from our assets. We plan to double earnings from our commercial income on assets such as property, land and advertising.
For 2015/16 our revenues were £5.3bn. They are expected to rise to £5.5bn in 2016/17.
Our grant and borrowing limits are set by Government as part of its Spending Review.
The transport infrastructure provided by us is fundamental in supporting London and the UK economy, and we believe the Government has a strong incentive to continue to improve the quality of the Capital's transport network over the long term.
Since April 2013, a portion of our central government grant has been replaced with a share of London's Business Rates. Business Rates are one of the most stable and predictable forms of local taxation. This income stream is forecast to grow alongside the economic development of London.
More details of our funding settlement can be found in our latest Spending Review funding agreement letter dated 2 March 2016, covering the period 2016/17 to 2020/21.
Our diverse portfolio of borrowing is governed by the Local Government Prudential Borrowing Regime. Incremental borrowing limits are set by the Mayor of London every year and are agreed with the Government as part of the Spending Review.