A £4.1m deficit has opened up in the 2019/20 budget of Nexus, the Tyne and Wear Passenger Transport Executive, prompting a renewed warning that services may have to be cut in future years.
John Fenwick, Nexus’s director of finance and resources, said a number of factors had contributed to the worsening picture, including: £1.1m spent developing the area’s Transforming Cities Fund (TCF) bid to the DfT; a £1.2m reduction in Metro revenues; a £300,000...
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