Questions to the Mayor of London – answered at on 17 May 2019.
The Independent Investment Programme Advisory Group (IIPAG) report to the 6 March 2019 meeting of the Transport for London (TfL) Programmes and Investment Committee, stated at 4.2: “IIPAG has frequently found it difficult to get a clear view of the history of a programme’s or project’s EFC [Estimated Final Cost], why it has changed, how the EFC compares with relevant budgets, and especially in the case of sub-programmes, how expenditure is tracking against delivery.” An EFC is a crucial measure of investment and progress. Will you ensure that suitable information is provided to “decision makers and assurers for sub-programmes and projects” as IIPAG requests and also to the public through regular TfL reporting?
Transport for London’s (TfL’s) Investment Portfolio Report (IPR) is published quarterly and shared at the Programme and Investment Committee (PIC) meetings and on the TfL website available to the public. This report contains relevant financial information for all TfL capital projects including Estimated Final Costs (EFCs).
TfL Project Assurance and TfL Project Management Office (PMO) are working with IIPAG to agree what core financial information should be made available through project and sub-programme assurance reviews. There is a plan in place to set a baseline across TfL so performance can be measured and reported more consistently.