Regular news: Issue 515 13 Mar 2009
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Funding / Financing, Local transport, Greater London
Boroughs set to endorse TfL’s formula model for LIP funding
London boroughs are next week expected to approve Transport for London’s plan for a new formula-based approach to allocating funding for small-scale transport projects.
TfL awards boroughs almost £170m a year for transport improvements via the Local Implementation Plan (LIP) process. Currently boroughs have to bid for funds from 23 separate work programmes but TfL wants to simplify the process by reducing the number of programmes to five and awarding funding for three of them...
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