Waltham Forest Council will have more say in funding local transport under new plans from the Greater London Assembly.
The move will cut red tape and make it easier for council’s to fund specific projects.
The borough will receive £2.7 million in 2010/11 and will be able to bid for long-term funding, rather than just year-on-year under the old system.
Mayor of London Boris Johnson says the changes will simplify the funding process and continue to provide £100,000 each year for specific local projects in each borough.
"This means more choice over a range of key local schemes to improve town centres and cycling facilities, cut road deaths, tackle the school run and improve the urban realm," he added.
The Mayor and Transport for London are investing a total of £111.3 million in cycling this year. The local transport budget for 2010/11 will be £155 million.
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