Agenda item

Report of the Chamberlain

The Sub Committee considered a report of the Chamberlain seeking approval to the reallocation of funding between schemes to address unexpected shortfalls, and to the release of funding post gateway approvals to allow schemes to progress. The Chamberlain introduced the report and outlined the proposals recommended.

RESOLVED – That the Resource Allocation Sub Committee:

(i)            Reallocate £1.137m to provide top-up funding for two schemes - applying the ‘one-in, one-out’ approach – as summarised in Table 1 of the report;

(ii)           Review the schemes summarised in Table 2 of the report and, particularly in the context of the current financial climate and confirm their continued essential priority for release of funding at this time;

(iii)          Agree the release of up to £3.198m for the schemes in Table 2 from the reserves of City Fund, City’s Cash and Bridge House Estates as appropriate, subject to the required Gateway approvals;

(iv)          Agree the release of £135,000 of revenue funding to cover maintenance of the new Secure City systems over the interim programme delivery period, to be met from existing revenue provisions; and

(v)           Note that in order to maintain sound financial discipline a review of unallocated central project funding provisions will be brought to Members in Spring 2021.