Ken Livingstone has given his first detailed breakdown of how he intends to spend the proceeds of London's congestion charge, with nearly all the money going towards buses and road safety.

In a draft budget which has upset the capital's business lobby, the mayor's Transport for London authority revealed that of the £130m revenue it expects over the first year of the charge, £84m will go on bus improvements and £36m on road safety measures.

A further £4m will be used to put more closed circuit television cameras on buses and £6m is earmarked for safer routes to school.

The figures are in budget documents from the Greater London authority. A final version will be presented to the London assembly next month.

Mr Livingstone was accused of squandering the cash on road humps and dedicated bus lanes, which would make jams worse.

Julia Lalla-Maharajh, director of transport at business leaders' group London First, said the commercial community had supported the charge only because they expected improved highways in return. "Businesses will be paying over 50% of the charge," she said. "They were looking for more than road safety measures."

The mayor's priorities include raising the threshold for adult bus fares from 16 to 18. He has promised that bus fares will be frozen, despite pressure for higher wages from drivers and conductors.

The £5-a-day charge begins on February 17.