Trams: Portfolio Cost Management

Since the beginning of this year, SRC Infrastructure has been responsible for the financial oversight and reporting of circa 40 projects in TfL's Tram portfolio. SRC has supported TfL in its cost management of the Trams Portfolio from budget setting and submissions, to supporting budget transfers between projects, to assessing actual costs and physical progress achieved for all initiatives.

SRC has produced cost variance, accruals, and risk/opportunity reports throughout this period, providing a commentary to all business stakeholders across the projects. SRC has been liasing with Project and Programme Directors to ensure all reports reflect the accuracy of the cost forecast as well as the Finance Directors, to approve submitted invoices and solve any commercial enquiries.

SRC's support in cost and commercial management across the project has helped TfL ensure each project within the Trams portfolio is well managed financially by tracking actual cost against the budget for each project and ensuring all spending is within the programme project authority and financial authority.