GLA underspends (4)

Meeting: 
MQT on 2014-03-19
Session date: 
March 19, 2014
Reference: 
2014/1645
Question By: 
Fiona Twycross
Organisation: 
Labour Group
Asked Of: 
The Mayor

Question

Why are you forecasting a £99.2 million underspend in the financial year 2013/14 for the Growing Places Fund? Will this unspent funding be carried over into 2014/15?

Answer

Answer for GLA underspends (4)

Answer for GLA underspends (4)

Answered By: 
The Mayor

The £99.2m figure relates to the full capital budget available for the Growing Places Fund. It was never the GLA's intention to spend this in 2013/14 and the figure was included in the budget for this year prior to agreement from Government to extend the expenditure period. 

Our revenue expenditure has commenced in line with our forecasts. As capital projects require detailed design and project development work, there can be significant lead time before funding which has been committed to projects is actually spent and, therefore, recorded in our management or financial accounts.  £108,714,306 of the funding has now been allocated to projects and any revenue or capital unspent is 2013/14 will be carried forward for spend on approved projects in future years.