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Jubilee rings silver at LT
Page 23
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ADDMONAL passenger traffic on London Transport's bus and underground services has resulted in a financial result for 1977 far better than originally forecast.
Together with an extra Elm from estates and commercial advertising, economies of £4.5m in revenue expenditure coupled to £6.5m extra fares revenue, LT's result was nearly E12m better than expected and left an actual deficit of only £2.8m.
The deficit has been met largely from LT's £14.7m general reserve. Detailed figures submitted to the GLC show a 4.3 per cent increase in bus passenger mileage forecasts which reflect the higher levels of tourist and general travel generated by the Silver Jubilee celebrations.
Traffic congestion, however, was 40 per cent greater than expected at 3.7m miles and almost entirely offset the effect of increased rest day and overtime working by crews.