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The organisation "London Councils" - which represents the boroughs - says charges are determined by the demand for parking spaces.
But critics claim they just add to the burden on already hard-pressed Londoners.
Our Political Correspondent Simon Harris reports:
While many councils are enjoying increased profits from parking, they are spending less elsewhere in the community. The Institute of Advanced Motorists - who collated councils' parking profits - calculate that:
Spending on road safety, education and safe routes to schools fell by 18% to £105m.
Spending on highways and transport fell by 6% between 2010/11 and 2011/12, while expenditure on construction, reduced by an estimated 13%.
A Department for Communities and Local Government report last year estimated that spending on highways and transport will fall by a further 11% over 2012/133.
IAM Chief Executive Simon Best said:
“Councils are making record-breaking profits from parking, while cutting road safety spending on life-saving services such as, education for young drivers, cycle training, and safe routes to schools schemes.
“At the same time cuts to road maintenance will mean a backlog of repairs which will simply cost more to fix in the long term.”
The largest increase in profit from parking came from Kingston-Upon Thames, which saw an enormous increase of 320% from 2010/11 - 2011/12.
The council earned £3.53 million last year.
The figures, collated by the Institute of Advanced Motorists, cover both on and off-street parking, including fines and other charges.
Havering saw the second biggest increase - their profits shot up 186%, to £567,000.
And Barking and Dagenham's parking pot was boosted 174%, to £1.57 million.
Westminster Council topped the list making nearly £38 million on parking after expenditure last year. The figure is an annual increase of nearly 9%.
Second highest was Kensington and Chelsea which made £27.5 million - representing a 30% increase on the year before.
Camden was third, earning £25 million in profit from motorists - up 18% on the previous year.