LT's surplus after odd year
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LONDON TRANSPORT ha turned a predicted £15m defic into a Elm surplus for 1982. Th compares with a deficit in 19E of £64.7m.
LT's budget was reset in Fel ruary last year after major poli( changes came about followir the House of Lords ruling c Fares Fair. These changes cluded the doubling of fares March, the bus schedule redu tions in September and the Ur derground service changes i September and December.
Financial and service perforn ance was better than budgete, with better use made of bus sta after the schedule changes, ar higher than expected passengi use.
Other contributing facto' were additional county counr support, a cut in national i surance surcharge, a declinir rate of inflation, and numeroi economy and efficiency in provements throughout whole organisation.
During 1982 LT operated 165 bus miles, 2m below budg( and 29m train miles, just as bu geted, despite the industrial a tion on the Underground ar British Rail.
After new bus schedules we introduced in September 198 over 99 per cent of ti' scheduled bus services hE been staffed and 93 per ce operated, the best coveral since 1970, LT said.
Capital investment spendir was Ettm under budget £135m. Manpower at the end 1982 was 58,072, three per ce lower than at the end of 1981.