City of London's On-Street Parking Generates £12.6 Million Surplus

The City of London has reported a surplus of £12.6 million from its on-street parking operations for the 2025/26 financial year. This figure, detailed in the annual on-street parking accounts, will see £12.178 million allocated to fund approved projects, with the remaining £61.056 million carried forward into the On-Street Parking Reserve for future highway improvements and other initiatives.

The surplus balance brought forward at the start of the financial year (1st April 2025) was £60.563 million. After the expenditure of £12.178 million during 2025/26, a closing balance of £61.056 million was carried forward to future years.

Juxtaposition of heritage and modernity in the City of London
The City of London blends historical architecture with modern skyscrapers.Source: Court of Common Council papers, 8 October 2026

Allocation of Funds and Project Funding

The £12.178 million expenditure from the On-Street Parking Reserve in 2025/26 was directed towards a variety of revenue and capital projects. This included £2,822,000 for 'Highway Resurfacing, Maintenance & Enhancements' and £2,574,000 for the 'Car Parks Cyclical Works Programme'. Significant capital investments were also made, with £1,125,000 allocated to 'London Wall Car Park Fire Safety Works', £843,000 to 'Climate Action Strategy – Cool Streets & Greening', and £735,000 to 'Climate Action Strategy – Pedestrian Priority'.

To determine which approved projects receive funding from the parking surplus, a Priorities Board, chaired by the Chamberlain, considers all new eligible bids. This board then recommends successful bids to the Resource Allocation Sub-Committee and the Policy and Resources Committee for a final decision. This process is designed to ensure surplus funds are allocated efficiently and promptly to meet spending priorities.

Future Outlook and Major Capital Schemes

Looking ahead, the On-Street Parking Reserve is projected to be fully utilised by the 2030/31 financial year, with approximately £115.6 million planned for expenditure over the medium term. This funding will support numerous major capital schemes and ongoing revenue projects.

Concept rendering of a museum exhibition space
A concept rendering of a museum exhibition space, showcasing historical artifacts and interactive displays.Source: Court of Common Council papers, 8 October 2026

Among the specific major capital schemes planned for funding are:

  • Funding towards the Barbican Podium Waterproofing
  • West Smithfield Area Public Realm & Transportation Project
  • Climate Action Strategy – Cool Streets & Greening and Pedestrian Priority
  • Holborn Viaduct & Snow Hill Pipe Subways
  • Lindsey Street Bridge Strengthening
  • London Wall Car Park Waterproofing, Joint Replacement & Concrete Repairs
  • Bank Junction Improvements and Taxi Experiment
  • Traffic Enforcement CCTV
  • Minories Car Park Structural Report
  • St Paul's Gyratory
  • Fire Safety at the Car Parks
  • Vision Zero Safer Streets
  • Moorgate Corridor
  • Pedestrian Priority Programme @ King William Street
  • Enhancing Cheapside
  • Dauntsey House
  • Outdoor Fitness Equipment @ Old Watermans Walk

Reporting and Approval

The figures and plans were presented to the Court of Common Council on Thursday, 8 October 2026, as part of the Planning and Transportation Committee's report on the 2025/26 on-street parking accounts. The Court of Common Council was asked to note the contents of the report and approve its submission to the Mayor of London, as required by legislation. The full report can be found in the Public reports pack for the meeting, which also included the Agenda frontsheet.

A Yeoman Warder stands before the Tower of London as it is illuminated with a light projection.
The Tower of London illuminated with a light projection.Source: Court of Common Council papers, 8 October 2026