Decision details

RESOLVED that:-

(a)        Cabinet note that ULT have committed £379k to complete works to refurbish science rooms and toilet facilities;

(b)        Cabinet approve the allocation of £224k from the unallocated Basic Need Contingency to part fund the completion of the Technology Block;

(c)       Cabinet approve the application in principle to access early draw down of future Basic Needs capital resources from the ESFA of up to £0.55M to facilitate the completion funding of the Technology Block.  This £0.55M being part of the formulaic £4.1M that is due to be allocated to BCP in the financial year 2020/21;

(d)        Cabinet noted ULT will seek to identify further available capital resources from their annual formulaic allocation to complete outstanding works over the course of the next three financial years;

(e)        Cabinet approve the revised financial strategy for this project as set out at Appendix B of the report;

(f)          Cabinet agreed that a formal legal agreement be drawn up between the parties committing to the financial strategy and commitment of both parties ahead of any monies being released to ULT in respect of the Technology Block.

Voting: Unanimous

Portfolio Holder: Children and Families

Reason

The purpose of this report is to update Cabinet of the key financial issues relating to this project. Further, to seek approval for the proposed financial strategy to enable this project to be completed to an appropriate standard. This will enable the required increase in capacity at the school in order to accommodate an additional 300 pupil places to meet pupil place planning projections.