GLA underspends (5)

Meeting: 
MQT on 2014-03-19
Session date: 
March 19, 2014
Reference: 
2014/1646
Question By: 
Fiona Twycross
Organisation: 
Labour Group
Asked Of: 
The Mayor

Question

What [Why?] are you forecasting to spend none of the £10 million transferred to you for the Old Street Roundabout project in 2013/14? What implications does this have for funding in future years?

Answer

Answer for GLA underspends (5)

Answer for GLA underspends (5)

Answered By: 
The Mayor

The budget was set at £10 million in 2013-14 and £40 million in future years in anticipation of receiving Government funding of £50 million.  However, this funding is no longer available and options for alternative sources of funding for the project are being developed.