Transport for London’s fares income was £167m lower than forecast last year but this was offset by operating costs falling for the first time since 2000, in part due to a big fall in the organisation’s headcount.
Ian Nunn, TfL’s chief finance officer, said total operating income in 2016/17 had been £5.393bn, compared with a budget expectation of £5.566bn. Fare income was £4.694bn, £167m below the £4.861bn forecast.
TfL’s total income,...
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