Report of the Executive Director Environment.
A Member commented that the project needed to be progressed, and sought clarification on where any blockages might be - noting that delays would cost money. The meeting heard that the implementation programme was in two phases around November 2022, with work to be started in early October 2022 and the majority of the work starting in mid-November 2022 after the Lord Mayor’s Show, noting also that prices of materials should ideally be locked in as soon as possible.
The meeting heard that the Committee would write to the Operational Property and Projects Sub Committee to request confirmation that the project does not fall within their review scope.
RESOLVED, That the Committee
1. Note that funding is subject to the capital programme review and the final decision on whether to proceed will be dependent on the outcome of that review and approval by the Operational Property and Projects Sub Committee;
2. Note that the additional allocation from the Climate Action Strategy ‘Cool Streets and Greening’ programme of £165,000 (approved in February 2022) is added to the project budget to deliver (and maintain) the street trees and SUDS gardens in Queen Victoria Street and Threadneedle Street;
3. Note the revised Project Budget of £6,842,930 including risk (subject to recommendation 2 being approved) a. This is made up of £6,176,432 excluding risk, and the current risk provision of £666,498;
4. Note the minimum total estimated cost of the project to deliver the base scheme has increased to £6.17m (excluding risk);
5. Note that the Costed Risk provision is drawn down by £423,502 from risk 16 to cover the estimated uplift in the costed base project. a. The remaining risk provision of £276,498 against risk 16 will remain in the register to protect from any further increase in material or labour cost during the construction that is currently unknown (including for security aspects within the design);
6. Note that a revised total for the Costed Risk Provision of £666,498 is approved and to be drawn down via delegation to Chief Officer, (of which £562,598 is currently funded (see section 3);
7. Agree to delegate authority to the Executive Director Environment to accept additional funding into the project (that is outside of the capital funding remit) to deal with the currently unfunded S106 shortfall of £103,900 as it is within the existing agreed overall project total;
8. Agree that in principle (subject to the Chamberlain’s agreement of the future staff overhead calculation methodology) the funding released from this revised calculation should in this instance be retained within the project budget to cover items detailed in paragraph 26;
a) And that the budget adjustment be delegated to the Executive Director Environment and the Chamberlain, if agreed, to action once the details of the split of funding against the various tasks has been fully identified;
9. Note that the public realm priorities in Table 2 are approved; and
10. Note the change in the estimated construction programme to completion in Spring 2024, with Gateway 6 likely to be Autumn 2025