Fiscal Stimulus Plan: Allocation of funds for Cheapside Regeneration Project

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A decision made on 13 May 2010 to allocate funds from the Fiscal Stimulus Plan to the Transport and Technical Services Department for the Cheapside regeneration project

Decision Reference: MD-TR-2010-0073
Decision Summary Title:	Fiscal Stimulus Budget Allocation – Transport & Technical Services Department		Date of Decision Summary:	10th May 2010
Decision Summary Author:	Chief Executive		Decision Summary: Public or Exempt?	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title:	Allocation of fiscal stimulus funding to the Cheapside Urban Renewal project		Date of Written Report:	10th May 2010
Written Report Author:	Acting Fiscal Stimulus Programme Manager		Written Report : Public or Exempt?	Public
Subject: Economic Stimulus Plan: budget allocation to the Transport and Technical Services department for the delivery of the Cheapside Urban Renewal project.
Decision(s): The Minister approved the allocation of £400,000 to the Cheapside regeneration project, which will be transferred to the department budget as soon as possible. This will enable the department to progress the public consultation and finalise the design of the scheme, which is scheduled to start on site in September 2010 and substantially complete the scheme by the end of the year. The Minister further instructed the civil infrastructure project group to report on spend of all stimulus monies, and project progress/performance, on a monthly basis in accordance with guidelines set by the Treasury, and return any unspent monies on completion of the project.
Reason(s) for Decision: A discretionary fiscal stimulus allocation from the Stabilisation Fund of £44m has already been approved. The project meets the key criteria for fiscal stimulus being timely, targeted and temporary and will benefit local business and individuals. The £400,000 allocation to the project will enable the civil infrastructure project group to deliver the scheme in accordance with the critical path.
Resource Implications: No financial resource implications other than those explained above and in the accompanying report. No manpower resource implications.
Action required: Treasury to be informed of decision to release necessary funds to the Transport and Technical Services budget.
Signature:		Position: Senator P F C Ozouf, Minister for Treasury and Resources
Date Signed:		Date of Decision: