Transport for London Act 2008

2 (1) At the end of each financial year any deficit in the account shall be made good out of the financial reserves for which provision is made under section 85(4)(c) of the 1999 Act in calculating TfL’s component budget for the financial year in question.

(2) Subject to sub-paragraph (3), at the end of each financial year any surplus shall be applied for all or any of the purposes specified in sub-paragraph (4), and insofar as it is not so applied, shall be appropriated to the carrying out of some specific project falling within those purposes and carried forward until applied to carrying it out.

(3) Any amount not applied by TfL in any financial year may, if TfL so determines, be carried forward in the account kept under paragraph 1 to the next financial year.

(4) The purposes referred to in sub-paragraph (2) are—

(a) the making good to the financial reserves for which provision is made under section 85(4)(c) of the 1999 Act in calculating TfL’s component budget for the financial year in question of any amount charged to that fund under sub-paragraph (1) in the four years immediately preceding the financial year in question;

(b) meeting costs incurred, whether by TfL or by some other person, in the provision of persons to attend at taxi standings;

(c) meeting costs incurred by TfL in the provision of publicity and education materials promoting the use of licensed hackney carriages and private hire vehicles;

(d) meeting costs incurred, whether by TfL or by some other person, in the provision, regulation or operation of, or of facilities for, licensed hackney carriages and private hire vehicles in London;

(e) meeting all or any part of the cost of the doing by TfL 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; and

(f) making to any local authority contributions towards the cost of the doing by that authority of anything towards the doing of which TfL has power—

(i) to apply any surplus on the account required to be kept under paragraph 1; or

(ii) to incur expenditure required to be brought into that account.

(5) In sub-paragraph (4) “the London transport strategy” means the transport strategy prepared and published under section 142 (the Mayor’s transport strategy) of the 1999 Act.