The Budget and Performance Committee of the Greater London Authority Council is scheduled to meet on Thursday 19 March 2026. The meeting will cover a range of financial and performance monitoring reports from across the Greater London Authority Group. Key discussions are expected to include the 2026-27 Greater London Authority Group Budget, Transport for London's (TfL) budget, and the Oxford Street Development Corporation's budget.

2026-27 Greater London Authority Group Budget

The Committee is scheduled to receive reports and put questions to invited guests regarding the 2026-27 Greater London Authority Group Budget. This includes discussions on the Mayor's draft consolidated budget, which has seen an increase in funding for policing and other areas. The Mayor of London, Sir Sadiq Khan, along with his Chief of Staff David Bellamy and the GLA's Chief Finance Officer Fay Hammond, are expected to provide details on the budget's allocations.

A particular focus will be on the £50 million allocated for young Londoners, with questions anticipated regarding the specific spending plans for this fund. The Mayor has assured that while detailed plans are still being finalised, the allocation aligns with his priorities for making London a safer, fairer, greener, more prosperous, and more affordable city.

The Committee will also examine the £20 million set aside for fares innovation, with discussions expected to explore its potential to increase ridership and revenue, particularly for bus services. The Mayor has indicated a focus on exploring new initiatives to encourage bus usage and improve reliability, acknowledging the importance of buses for Londoners with lower incomes.

Transport for London (TfL) Budget and Renewals

The Committee will review TfL's financial performance, including its operating surplus and capital expenditure. A significant point of discussion is expected to be the £800 million allocated annually for renewals, which is noted as being below the £1.1 billion to £1.2 billion required to maintain a steady state of repair for the network. TfL's plans to address this shortfall through efficiency initiatives and improved asset data will be a key area of focus.

The Committee is also seeking clarification on the funding for the DLR extension to Thamesmead, including the full estimated cost, how the GLA's share will be funded, and any intended financial support from the Government.

Furthermore, the Committee will examine TfL's approach to bus services, particularly in light of declining ridership and concerns about the financial viability of certain routes. The Mayor's commitment to exploring a London municipal bus company and the potential for insourcing services will be a topic of interest.

Oxford Street Development Corporation (OSDC) Budget

The Committee is scheduled to receive background information and put questions to invited guests regarding the 2026-27 budget for the Oxford Street Development Corporation (OSDC). This includes Nabeel Khan, CEO of OSDC, Adam Barret, CFO of OSDC, and representatives from TfL, the GLA, and other relevant bodies. Discussions are expected to cover the initial £150 million budgeted for the first phase of pedestrianisation, potential future funding sources, and the OSDC's role as a Local Planning Authority. The timetable for the preparation and adoption of the OSDC Local Plan, and how housing delivery expectations will apply within the Oxford Street Mayoral Development Area, are also areas for clarification.

GLA Group Monitoring Reports

The Committee will receive Quarter 3 2025/26 monitoring reports from various GLA Group bodies, including the GLA itself, TfL, MOPAC, LFB, LLDC, and OPDC. These reports will provide updates on financial performance and progress against strategic objectives. The Committee is recommended to note these quarterly monitoring reports.

Other Business

The meeting will also include a review of actions arising from previous meetings, actions taken under delegated authority, and a summary list of outstanding actions. The date of the next meeting will also be confirmed.