As part of the £14.5 billion Crossrail funding package, the former London mayor Boris Johnson pledged to raise £600 million through developer contributions by March 2019.
The original expectation was that £300 million would be collected through a London-wide Community Infrastructure Levy (CIL) and the same amount generated through planning obligations secured from certain commercial developments.
New figures published by mayoral agency Transport for London (TfL) show that the body expects the £600 million target to be reached ahead of schedule, but with the bulk of the cash now anticipated to be collected via the pan-London CIL.
A report to TfL’s finance and policy committee says that, after four years, a total of £245 million has been collected through the mayoral CIL, with a record receipt of more than £37 million received in the fourth quarter of 2015/16. The current average quarterly mayoral CIL receipt is about £30 million, the report says.
Meanwhile, the total amount raised via Crossrail supplementary planning guidance, which requires section 106 cash to be secured from certain commercial developments in central London, the Isle of Dogs and around new Crossrail stations, now stands at £76 million.
According to the report, the Crossrail SPG was developed in advance of the mayoral CIL, meaning that a "significant part" of what would have been collected via section 106 is now being collected via CIL.
The report says that TfL now predicts that the £600 million developer contribution to Crossrail will be secured "slightly ahead of schedule".
"The position at the end of 2015/16 at £321 million is somewhat ahead of the last TfL business plan (December 2014) of £249 million," the report added.
However, the report cautions that future mayoral CIL and section 106 returns "continue to be dependent on a stable property market related to economic activity, and could also be affected by any future revisions to the CIL regime or regulations".
The report also reveals that 11 London boroughs have each secured more than £10 million to date for Crossrail via the mayoral CIL, with Tower Hamlets and Westminster leading the way with £23 million and £21 million respectively.