(1)Section 55 of the M1Road Traffic Regulation Act 1984 (financial provisions relating to designation orders) shall be amended as follows.
(2)In subsection (1)(a) (accounts in respect of parking places on the highway in the case of London borough councils and the Common Council) after in the case of there shall be inserted “ Transport for London, ”.
(3)In subsection (3A) (London borough councils and Common Council to report to Secretary of State on action taken with respect to deficit or surplus on their parking account)—
(a)at the beginning there shall be inserted “ Transport for London, ”; and
(b)for Secretary of State there shall be substituted “ Mayor of London ”.
(4)In subsection (4) (purposes for which a surplus on a local authority’s parking account may be applied) the word and immediately preceding paragraph (d) shall be omitted and after that paragraph there shall be added—
“(e)in the case of a London authority, meeting all or any part of the cost of the doing by the authority in their area of anything—
(i)which facilitates the implementation of the London transport strategy, and
(ii)which is for the time being specified in that strategy as a purpose for which a surplus may be applied by virtue of this paragraph;
(f)in the case of a London authority, the making to any other London authority of contributions towards the cost of the doing by that other authority of anything towards the doing of which in its own area the authority making the contribution has power—
(i)to apply any surplus on the account required to be kept under subsection (1) above; or
(ii)to incur expenditure required to be brought into that account.”
(5)At the end of the section there shall be added—
“(8)For the purpose of enabling Transport for London and any other London authorities to discharge jointly any functions conferred by virtue of subsection (4)(f) above by a joint committee established under section 101(5) of the M2Local Government Act 1972, sections 101(5) and 102 of that Act shall have effect as if Transport for London were a local authority.
(9)In the application of this section in relation to Transport for London, any reference to its general fund shall be taken as a reference to the financial reserves for which provision is made under section 85(4)(c) of the Greater London Authority Act 1999 in calculating Transport for London’s component budget for the financial year in question.
(10)In this section—
London authority means Transport for London, a London borough council or the Common Council of the City of London;
the London transport strategy means the transport strategy prepared and published under section 142 of the Greater London Authority Act 1999.”