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As Crossrail Limited continues to refine its plans for completing and opening the Elizabeth line, TfL will continue to assess the potential net impact on its financial position. This session will explain the goals and objectives of TfLs Project Proteus for the re-tender of the Revenue Collection Contract, and will The Fourth Funding Package recognises that, in line with the current liquidity policy, TfL should continue to maintain cash reserves of an average of 1.2bn throughout the Fourth Funding Period. Single Rate: $3,159. CRL has continued to work on a plan to drive the Crossrail project to completion and, although some details are still to be finalised, has provided an initial proposal to its sponsors (TfL and the Department for Transport ("DfT")) that indicates the central section of the Elizabeth line opening during the first half of 2022. We offer a wide variety of low- or no-cost health m|B Since then, a growing number of firms and individuals have changed their travel behaviour, with greater numbers of people working from home. The following prospectus has been approved by the UK Listing Authority and is available for viewing: Prospectus dated 23 July 2015 (the "Base Prospectus") relating to the Transport for, London 5,000,000,000 Euro Medium Term Note Programme. TfL's contribution will be 150m. Transport for London (TfL) is seeking to award (based of the most economically advantageous tender received) a single zero value Framework agreement to one supplier for "Pan TfL Design, Manufacture & Supply of Uniforms". This is expected to be metthrougha combination of measures, including utilisingcash reserves, additional non-passenger income and reducedordeferredcosts. Thesereserves are actively monitored and managed in order to protect day to day operations. TFL provides secondary coverage to Medicare, which is known as Medicare-wraparound coverage. Delivery of the Elizabeth line is now in its complex final stages with a comprehensive plan to complete the railway focused on the remaining construction and systems integration, followed by intensive operational testing. As a result of a significant reduction in passenger journeys, our revenues continue to be negatively affected compared to our latest business plan, as is reflected in our revised budget, approved by the Board on 29 July 2020. These current revenue impact assumptions will be fully addressed in TfL's 2019 update to its Business Plan, which is due to be published in December. Further information can be found in S&P's Research Update on Transport for London published on 20 December 2018. CRL has further work to do to fully develop its cost forecasts and risk mitigation actions including quantifying the potential savings that could arise from their implementation. %PDF-1.7 % At the TfL Board meeting it was noted that CRL is now delivering against a new detailed delivery schedule that has been agreed by its Board, with significant recent milestones achieved including the handover of major assets to TfL such as Mile End Shaft and Victoria Dock Portal; and the removal of construction hoardings at Farringdon station. Transport for London (TfL) issues an update onhow theCovid-19 virushas affecteditspassenger numbers and how it intends to utilise itsreservesto manage the forecast initial financial impact. That includes the 300 million already contributed by TfL and the Department for Transport ("DfT") following an announcement in July 2018, leaving an estimated 1.3 billion to 1.7 billion to complete the project. Over the course of the pandemic TfL took steps to mitigate the spread of the virus, including the implementation of "Safe Stop", pausing activity on all non-critical construction sites, including the Crossrail project. TfL announced on 13 July 2022 that the current extraordinary funding and financing agreement between TfL and the Department for Transport ("DfT") had been extended to 28 July 2022. The rating action concludes the rating under review for downgrade initiated by Moody's on 2 June 2020. A copy of the Supplement is available for viewing on the Borrowing programme documents page. The programme of work will include the following initiatives (among others): TfL announces that the current extraordinary funding and financing agreement between TfL and the Department for Transport ("DfT") has been extended to 28 May 2021. It is expected that all stations on the route will open except for Bond Street which will be delayed because of design and delivery challenges. The financial impact of the reduction in our services and other business interruption caused by the response to COVID-19 virus is part of the collective national and global fight to control the spread of COVID-19 and to protect the NHS and other critical public services. CRL will continue to review the cost schedule and update its sponsors as appropriate. a joint review of options for longer term reform of the funding framework for TfL, including governance and oversight. Because of the delay to the opening of the Elizabeth line, a subdued economy and the removal of Government operating grant, TfL is now forecasting to achieve a surplus on its net cost of operations in 2022/23, one year later than planned. This means that TfL will, in practice, need to deliver savings and/or new income of around 900m over the course of the year. A copy of the Supplement is available for viewing on the Borrowing programme documents page. The Funding Package will contribute towards TfL's revenue loss due to reduced passenger numbers using TfL services as a result of the pandemic. The outlook remains negative. While TfL continues discussions with the government with regards to further financial support, the terms of the H2 Funding Package have been amended to define the funding period as 18 October 2020 to 28 May 2021. During the period in which the Funding Package is being provided to TfL, appropriate governance and oversight arrangements will be put in place, allowing the parties to work closely together. Read the latest news and announcements for investors. This funding settlement follows on from and replaces the extraordinary funding settlement between TfL and the DfT dated 25 February 2022, known as the Fourth Funding Package, which recently came to an end. $n~c`bd100C2@ C Crossrail Limited ("CRL") today issued an update on progress to complete the Elizabeth line and confirmed that it plans to open the central section between Paddington and Abbey Wood in summer 2021. The transition of governance will simplify responsibilities. tfl tender programme 2023. Additional modelling scenarios include a significantly higher level of risk contingency, up to 394m more than the committed funding, and opening later in 2021. Tranche Routes Route Details Tender Issue Tender Return Contract Award Contract LUL own the freehold of a run of 31 predominately unused/operational arches beneath the Hammersmith & City line viaduct which lies adjacent to Wood Lane Station and at the As part of the Funding Package, TfL will commit to contribute approximately 160m to the forecast funding shortfall in the form of additional income or savings through a mixture of lower capital and operating expenditure supported by stronger financial control measures. Bidders were assessed on their technical capability and the commercial performance of their tender. Webjacks urban eats pesto chicken sandwich calories. Transport for London ("TfL") has published its Annual Report and audited Statement of Accounts for the year ended 31 March 2020. TfL then announced on 13 July 2022 that the Fourth Funding Package had been extended to 28 July 2022. If at the end of the Fourth Funding Period TfL's cash balances exceed 1.3bn, there will be a process to adjust final payments made to TfL, by DfT, to account for this. An Elizabeth Line Delivery Group comprised of senior members of TfL, London Underground and CRL, under the Chairmanship of Transport Commissioner Andy Byford will oversee the delivery of the project. Single Rate: $2,145. Journeys on London's buses have reduced by around 40 per cent and are likely to fall further with school closures. The four members of the TFL Executive Board bring together their extensive experiences and high expertise in chemistry, engineering, finance as well as in sales and marketing. On 1 June 2021, TfL announced that an extraordinary funding and financing support package (the "Funding Package") had been agreed between TfL and the DfT to support transport services in London and contribute towards TfL's forecast revenue loss due to reduced passenger numbers using TfL services as a result of the pandemic. The Funding Package initially provided support for the period from 29 May 2021 to 11 December 2021 and has subsequently been extended to 18 February 2022. JMmg4Ix|T ykT55n>.y]kQxjg+u The action follows the application of Fitch's "Government-Related Entities Rating Criteria" ("GRE") methodology, under which when the assessment of support is strong (as is the case for TfL), the primary driver of the GREs' IDR will be the rating of the supporting government. TfL has released indicative results ofitsdebt tender offer. On 23 July 2020 Transport for London ("TfL") announced that following the Crossrail Limited ("CRL") Board meeting held earlier that day, CRL had advised that the opening of the central section of the Elizabeth line would not occur during summer 2021 and that the cost to complete the Crossrail project was expected to be higher than previously announced on 8 November 2019. If during the Fourth Funding Period TfL's cash balances rise above an average of 1.2bn, then grant payments may, subject to consultation, be varied and/or deferred until such time as TfL's cash balances return to an average of 1.2bn. Below is a list of recently awarded tenders PayComplete Connect CDP Software Upgrade 2023 Direct Award - in accordance with Reg 50 (1) (c) (ii) (technical reasons) Awarded to: PayComplete Duration: 12 Months Commencing: 01/03/2023 Published: 13/03/2023 P-2491 Ulsterbus Refresh- Bus Stop Flags Awarded to: ULSTER Please see the following document for details of the announcement. Aecom, Arcadis, Faithful + Gould, Mott MacDonald, Mace, Currie & Brown. Languages in which tenders or requests to As the actual funding shortfall to 17 October was less than 1.6bn, largely due to higher than anticipated ridership, the funding provided under the existing Funding Package can continue to be used and will remain sufficient while discussions continue throughout the next two weeks. In recognition of the high level of uncertainty in predicting the future passenger revenue over the Support Period, the Funding Package permits modification of the total amount of support up or down depending on actual passenger revenues. Transport for London ("TfL") has published its Annual Report and audited Statement of Accounts for the year ended 31 March 2021. WebSummer 2&3 (June 13 August 13): Double rate: $1,540. Five star golf carts is considered one of the most important golf automobile distributor in South Africa and the only with a couple of TfL, the GLA and the DfT will continue to work together to finalise the documentation and terms required for the financing to be drawn. The revised schedule is needed by Crossrail Limited to complete the final infrastructure and testing required to ensure the Elizabeth line opens as a safe and reliable railway. 0. TfL and DfT are in discussion regarding how funding of these additional costs will be resolved, while the Financing Package remains in place. The Housing & Development Board (HDB) has launched its eighth solar leasing tender under the SolarNova programme, covering the installation of solar panels across 1,075 HDB blocks and 104 government sites. Transport for London ("TfL") announces that on 22 May 2020, Standard and Poor's Global Ratings ("S&P") downgraded its issuer credit ratings to 'A+/A-1' from 'AA-/A-1+'. endstream endobj 3401 0 obj <>/Metadata 41 0 R/Pages 3398 0 R/StructTreeRoot 45 0 R/Type/Catalog/ViewerPreferences 3414 0 R>> endobj 3402 0 obj <>/MediaBox[0 0 612 792]/Parent 3398 0 R/Resources<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]/XObject<>>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 3403 0 obj <>stream The exact future impact is difficult to forecast due to the uncertainty around the evolution of the pandemic and measures taken to prevent its spread. The current 2.15bn financing package for the Crossrail project was agreed between the DfT, the Greater London Authority and TfL in December 2018 (the "Financing Package"). On 25 February 2022 TfL announced that a funding and financing packagehad been agreed between TfL and the Department for Transport to support transport services in London for the period from 26 February 2022 to 24 June 2022. Mike Brown, who has been Interim Commissioner since 16 July 2015 following the appointment of former Commissioner Sir Peter Hendy CBE as Chairman of Network Rail, will take up the post with immediate effect. Following the selection of the winning bidder, the winning Whilst TfL has taken actions to reduce its costs during this period, through measures such as implementing the Government's Coronavirus Job Retention Scheme and a safe stop of non-essential construction projects, the severity of the impact is such that it will not be able to fully mitigate the loss without external support. Note the estimated cost of 2.4m - 2.9 to deliver the three This has caused an overall operating income loss of around 90 per cent including non-passenger incomes, such as advertising revenue. TfLs primary roles are to implement the Mayor of London's Transport Strategy and to manage transport services across the Capital. A full recruitment process will take place to fill the managing Chief Finance Officer role permanently. The Funding Package will provide TfL with a core amount of 1bn for the period between 18 October 2020 and 31 March 2021 ("Support Period") and comprises the following: The above funding amounts assume that the passenger demand over the Support Period will stay at approximately 65% of pre-coronavirus levels. Following the rating action on the UK sovereign, TfL's rating is equalised with that of the sovereign under Fitch's Government Related Entity Criteria. 6th April 2023. Transport for London ("TfL") announces today that an additional funding and financing package has been agreed between TfL, the Greater London Authority ("GLA") and Her Majesty's Government for the final phase of the Crossrail project. Workstream one: curation of cost intelligence 20m. The Funding Package will ensure funding is available to TfL to address its forecast funding shortfall, arising from the loss of passenger revenue as a result of the coronavirus pandemic. The Funding Package assumes that TfL will maintain useable cash reserves of 1.2bn throughout and at the end of the 2021 Funding Period, in line with TfL's current liquidity policy. TfL announces that it has received a revised funding agreement from the Secretary of State for Transport. The original terms of the funding package announced on the 1 June 2021 can be found in the settlement funding letter dated 1 June 2021. A copy of the Long-Term Funding Settlement dated 30 August 2022 isavailable from the funding letters page. The Stable Outlook reflects Fitch's expectation that a single-notch downgrade of the UK sovereign would have no impact on TfL's 'AA-' lDR. hmk0@8=IPNl/J_hplu~:NVg!dNE"BXLxcBbcJ1#zCXI)I$pF2>iB`ac^M1/z:u<6AUy=j?OkB6RsF2BHC(0W{KRB3 Post-Summer 2023 - 2024 Tendering Programme 2023 - 2024 Tendering Programme * Indicates route eligible for a two year extension. On 22 July 2022 TfL announced that DfT had provided TfL with a draft proposal for a Long Term Funding Settlement, the terms of such proposal being subject to agreement and that TfL would review the proposal. This followed on from the package announced on 1 June 2021, which was subsequently extended to 25 February 2022. As part of TfLs wider commercial development programme, 50% of the homes built will be affordable housing. 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