GLA underspends (1)

Meeting: 
MQT on 2014-03-19
Session date: 
March 19, 2014
Reference: 
2014/1642
Question By: 
Fiona Twycross
Organisation: 
Labour Group
Asked Of: 
The Mayor

Question

Why are you forecasting a £7.5 million underspend in the financial year 2013/14 for the Mayor's Regeneration Fund? Will this unspent funding be carried over into 2014/15?

Answer

Answer for GLA underspends (1)

Answer for GLA underspends (1)

Answered By: 
The Mayor

We are currently forecasting underspend against the Mayor's Regeneration Fund (MRF) Programme budget in 2013/14. There are a variety of reasons which have been presented as causes for delivery delays, including planning permission, ambitious construction timescales, longer than anticipated procurement exercises and dependence on third party approvals (e.g. TfL and Network Rail gateway processes).  Equally, there are cases where the cause for delay is due to opportunities having arisen to increase the scope and scale of projects and to lever in additional funding.

It is the GLA's intention to request any revenue or capital funding unspent in 2013/14 to be carried forward for spend into 2014/15 in order to continue the delivery of the MRF Programme. This is subject to the GLA's budget setting process which will be concluded in June 2014.