The Budget and Performance Committee of the Greater London Authority (GLA) convened to discuss various financial and performance reports for the first quarter of the 2025/26 year, review the Mayor's manifesto commitments, and consider strategies for funding transport projects. The committee delegated authority to Councillor Neil Garratt, Chair of the Budget and Performance Committee, to finalise outputs from discussions, in consultation with party group lead members.

Here's a detailed breakdown of the key discussion areas:

GLA Group Monitoring Reports

The committee reviewed the Quarter 1, 2025/26 GLA Group Monitoring Reports, encompassing financial and performance updates from various GLA functional bodies. These included:

• GLA Proper: The GLA Quarter 1 2025/26 Performance and Finance Pack revealed an underspend of £54.5 million across directorates year-to-date, attributed to payment and income timing differences. However, a year-end underspend of £8.2 million was projected, mainly due to fewer eligible children than expected for the Universal Free School Meals programme.
• Affordable Housing: The GLA Affordable Housing Report, Quarter 1 2025/26 provided data on housing starts and completions, broken down by programme, tenure, local authority, and number of bedrooms.
• London Legacy Development Corporation (LLDC): The LLDC Corporate Performance Report, Quarter 1 2025/26 highlighted successful park openings, events, and progress in real estate and regeneration projects.
• Old Oak and Park Royal Development Corporation (OPDC): The OPDC Performance and Finance Report, Quarter 1 2025-26 showed £2.7 million revenue expenditure against a budget of £14.2 million. Key achievements included launching the Minerva Works circular economy hub and winning an award for plan making.
• Mayor's Office for Policing and Crime (MOPAC): The MOPAC Quarterly Performance Update Report, Quarter 1 2025/26 indicated a forecast overspend of £23.9 million, primarily driven by the Metropolitan Police Service (the Met). Key priorities included reducing violence, building safer communities, and overseeing Met reform.
• London Fire Brigade (LFB): The LFB Quarterly Finance Report, Quarter 1, 2025/26 projected an overspend of £942,000, mainly due to higher-than-budgeted pay inflation.
• Transport for London (TfL): The TfL Quarterly Performance Report, Quarter 1 2025/26 reported an operating surplus of £42 million, exceeding budget expectations. However, passenger income was slightly below budget, and operating costs were higher due to increased bad debt related to road enforcement.

Mayor's 2024 Manifesto Commitments

The committee discussed tracking the delivery of the Mayor's 2024 manifesto commitments. The report outlined the Mayor's policy agenda, structured around fairness, safety, the environment, and prosperity. The GLA is formalising Mayoral Mandates and Delivery Plans to translate these commitments into concrete actions.

Climate Budgeting and Green Finance Fund

The committee reviewed the Mayor's response to their letter regarding climate budgeting and the Green Finance Fund. The Mayor highlighted the importance of the Climate Budget¹ in supporting London's progress towards net zero by 2030, but noted that achieving this goal requires action across all levels of government and from businesses and Londoners themselves.

The Mayor's response addressed the committee's recommendations, including:

• Transparency and Accountability: The Mayor committed to including details on the impact of the London Climate Budget as part of the GLA's budget to enhance transparency and accountability.
• Clarity and Accessibility: The GLA will improve the clarity and accessibility of the Climate Budget tables for 2026-27 by providing a public-facing summary that explains funding decisions in plain language.
• Real-World Benefits: The Climate Budget and Green Finance Fund reports will include clear, accessible evidence demonstrating the real-world benefits of these investments.
• Aviation Emissions: The Mayor will assess the implications of aviation expansion on London's climate goals and consider whether and how these emissions should be incorporated into the city's climate budget reporting.
• Annual Investment Target: The 2026-27 budget will outline how the £20 billion annual investment target will be achieved, including clear steps to leverage private investment and ensure sustained public support.

Budget and Performance Committee Work Programme

The committee noted its work programme and meeting dates, which include scrutinising the proposals for the 2026/27 Budget for the GLA Group and examining specific budget and performance issues across the GLA Group.