Cabinet considered the report requesting the approval of adding an additional scheme into the Capital Programme from the Towns Fund. The capital funding within the programme would be no more than the total £22,200,000; this being the maximum award for the delivery of the projects already agreed for the Margate Town Deal. The Council being the accountable body for the Fund, and since 90% of the funding was capital, there was a need to add it to the Council’s Capital Programme in order to be spent on capital projects.
Members were advised that all the investment and costs associated with the Margate Town Deal were fully funded from external grants and contributions, and all expenditure relating to the interventions would be managed within the total package of funding provided, to ensure there was no risk of financial exposure to the Council.
Councillor Garner spoke under Council Procedure 20.1.
Councillor Pugh proposed, Councillor Bob Bayford seconded and Cabinet approved the addition of a new scheme into the Capital Programme from external funding (Towns Fund), but recognise the potential need to transfer an element of this funding to Revenue, subject to final approval. The value of the scheme will be no more than the total £22,200,000, this being the maximum award from the Ministry of Housing, Communities and Local Government, for delivery of the pre-agreed projects within the Margate Town Deal.