TRANSPORT FOR LONDON is described as 'increasingly successful and efficient' in its provision of services in the third annual report of the Independent Investment Programme Advisory Group.
Meanwhile TfL is bracing itself for a reaction from passengers when many fares rise later this month.
The advisory group was formed in May 2010 by the Mayor of London and the Secretary of State and is responsible for providing independent assurance and expert advice to the Mayor on the economy, efficiency and value for money of the TfL Investment Programme.
That programme includes, among other things, the modernisation and capacity increases of the Underground and London Overground and the increased development of commercial opportunities on TfL's estate.
The report identifies several projects which it commends for best practice, including the Victoria line upgrade, London Underground's track replacement programme, where a very good safety record has been achieved, and the upgrade at Bank station, where costs have been trimmed without reducing the effectiveness of the scheme.
However, TfL remains under fire over fares, although this month's increases are slightly lower than first expected, at an average of 2.7 per cent.Originally they were to be 3.1 per cent, but the Chancellor's decision to cap National Rail regulated increases at last July's RPI of 3.1 per cent caused TfL to think again.
TfL increases have also been delayed as a result of the recalculation. They should have come into force by now but instead will start on 19 January.