The Mayor oversaw a total budget of £20 billion in 2022/23, but did the budget deliver as expected, and how does any underspend or overspend in different areas affect planning for future budgets?
The Mayor is responsible for allocating funds for the Greater London Authority (GLA) and its functional bodies, including the Mayor’s Office for Policing and Crime (MOPAC) and Transport for London (TfL).
The key variances from the 2022/23 budget are:
- GLA – The Affordable Homes Programme overspent by £323 million and Building Safety overspent by £58 million. Interest income was higher than anticipated in the budget by £51 million.
- TfL – The capital expenditure variance includes £252 million overspend for ‘New capital investment’. This includes the unbudgeted purchase of the London Overground train fleet for £281 million in order to reduce the level of financial risk associated with leasing the trains.
- MOPAC – There was a capital expenditure underspend of £126 million against the original budget of £396 million.
The London Assembly Budget and Performance Committee will meet tomorrow to investigate the delivery of the Mayor’s 2022/23 budget and the reasons behind key variances between budgeted and actual income and expenditure. It will also assess the impacts these have for delivery of the 2023/24 budget.
The guests are:
Part 1 MOPAC:
- Amana Humayun, Chief Finance Officer, Mayor’s Office for Policing and Crime (MOPAC)
- Ian Percival, Director of Finance, Metropolitan Police Service (MPS)
Part 2 TfL:
- Patrick Doig, Chief Finance Officer, TfL
- Pritesh Patel, Group Finance Director, TfL
Part 3 GLA:
- Tim Steer, Executive director, Housing and Land, GLA
- Enver Enver, Interim Chief Finance Officer, GLA
- Andrew Williams, Head of Housing Area South, GLA
The meeting will take place on Wednesday 12 July 2023 from 10am, in the Chamber at City Hall, Kamal Chunchie Way, E16 1ZE.
Media and members of the public are invited to attend.
The meeting can also be viewed LIVE or later via webcast or YouTube.
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Notes to editors
- Read the agenda papers.
- Neil Garratt AM, Chairman of the Budget and Performance Committee, is available for interview.
- Find out more about the work of the Budget and Performance Committee.
- As well as investigating issues that matter to Londoners, the London Assembly acts as a check and a balance on the Mayor.
For more information, please contact Tony Smyth in the Assembly Media Office on 07510 488715. For out of hours media enquiries please call 020 7983 4000 and ask for the Assembly duty press officer.