Agenda item

Report of the Chamberlain.

NB: To be read in conjunction with the separately bound non-public appendices (circulated electronically only). This report will also have been considered by your Resource Allocation Sub-Committee earlier this day.

The Committee considered a report of the Chamberlain concerning the funding of three projects.

RESOLVED – That:-

1.    approval be given to the allocation of £1.925m from the 2015/16 City Fund provision for new schemes to provide funding for the following projects, subject to the agreement of the relevant gateway reports and other approvals as appropriate:-

·      £0.850m to meet the shortfall in funding towards the £5.2m total cost of the Sir John Cass School extension scheme;

·      £0.486m towards the £0.650m total cost of the Frobisher Crescent Level 4 meeting and conference facilities scheme at the Barbican Centre; and

·      £0.589m to fund the provision of a new retail unit within the Barbican Centre.

2.    it be noted that, in the event that future anticipated requests for funding materialises which resulted in the available provision being exceeded, a bid for an additional draw down from the City Fund reserves might be made in support of the SBR income generating proposals.