Issue - meetings

-        verbal report by Joel Gouget, Investment Co-ordinator

Joel Gouget, Finance Manager, Neighbourhood Investment Team, reported that until the emergency budget on 22^nd June, there was a great deal of uncertainty with regard to funding.

As of today, Rotherham’s external funding allocation, as announced in March, 2010, was £7.4M, of which £4.3M was Pathfinder and £800,000 Growth money.  Both Programmes had not yet been confirmed by the HCA;  the only guaranteed funding was £2.1M Regional Housing.

The Government had announced a 16% cut (£5.6M) across all the local authorities of the £31M Pathfinder funding.  There was no certainty on the Growth funding and it was not known if the 16% cut also applied to it.

Obviously this would have massive consequences on the Programme of delivery.  Once the cuts were confirmed the Programme would have to be revised and reports submitted to Members. 

The Team had presented the information to the TSY Board based on a 12% cut.

A meeting was to take place later that week with the Chief Officers from each of the South Yorkshire authorities involved in Housing Renewal to consider the 16% cut.

The majority of the 2010/11 funding for Rotherham had already been committed so any cuts would be very difficult. 

Discussion ensued on the possible funding cuts and the implications for the communities of Rotherham as well as staff.

Agreed:- (1)  That the information be noted.

(2)  That a special meeting be held on 27^th July, 2010, at 4.00 p.m.

-        verbal report by Joel Gouget, Investment Co-ordinator

Joel Gouget, Finance Manager, Neighbourhood Investment Team, gave an overview of information relating to the financial monitoring of the HMR Pathfinder Programme.

2009/10 had been a very successful year in terms of spend and all outputs achieved.

Agreed:- That the information be noted.

-        verbal report by Joel Gouget, Investment Co-ordinator

Joel Gouget, Finance Manager, Neighbourhood Investment Team, gave an overview of information relating to the financial monitoring of the HMR Pathfinder Programme.

Spend was progressing extremely well and was closing to £10M spend on a Programme of £10.4M.  It was predicted that by the end of the financial year spend would stand at £11.5M. 

Discussions were taking place with TSY with regard to the signing off of funding which had been delayed due to some technicalities.  Work was also progressing on the spend programme for the Growth Programme.

Agreed:- That the information be noted.

-        verbal report by Joel Gouget, Investment Co-ordinator

Joel Gouget, Finance Manager, Neighbourhood Investment Team, gave an overview of information relating to the financial monitoring of the HMR Pathfinder Programme in 2006-08.

He reported that the funding for Regeneration had been cut to £1.4m.  However £1m which had been cut previously had now been reversed.  £3.5m had been received in respect of the National Affordable Housing Programme.  The Regeneration and Pathfinder were on target with £10.4 m being allocated and £5m achieved so far.

Agreed:- That the information be noted.

-        report by Joel Gouget, Finance Officer.

Joel Gouget, Investment Co-ordinator, Neighbourhood Investment Service, submitted a report on the financial monitoring of the HMR Pathfinder Programme in 2008-09 as at the end of March, 2009.

In the 2008-09 period the Programme had delivered £11.5M of investment and exceeded the spend target by £0.8M for the year.

Transform South Yorkshire had announced that the 2009-11 Rotherham funding allocation would be provisionally reduced by 10% to £13.8M, a funding cut of £1.4M across a 2 year period.  This allocation remained subject to final confirmation at the TSY Board meeting scheduled for 15^th June and to further financial appraisal by the Homes and Communities Agency.

The 2009-11 Programme had been developed through a process of strategic masterplanning and regular reviews with ADF Steering Groups, key partners and stakeholders.  The Programme had been updated to respond to the new challenges crated by the economic downturn and credit crunch to support the local economy and sustain the delivery of affordable housing.  Further consultation would be undertaken with regard to the Programme at sub-regional level prior to the presentation to the TSY Board.

Agreed:- That the report be noted.

-        report by Joel Gouget, Finance Officer.

Joel Gouget, Finance Manager, Neighbourhood Investment Team, submitted a report on the financial monitoring of the HMR Pathfinder Programme in 2008-09 at the end of February, 2009.

At the end of February, 2009, the Pathfinder programme had delivered £8.9 million of investment and had achieved spend and delivery targets set for the period.

In a verbal update, the Pathfinder Programme was confirmed to have achieved and exceeded 2008/09 funding allocation with spend over £11.4M at the end of March, 2009.  £0.7M of overprogramming would be carried forward to the 2009-10 period.

Agreed:- (1) That the report be noted.

(2) That an end of year financial report be submitted at the next meeting.

-        report by Joel Gouget, Finance Officer.

Joel Gouget, Finance Manager, Neighbourhood Investment Team, introduced a report which provided information relating to the financial monitoring of the HMR Pathfinder Programme in 2006-08.

At the end of December, 2008, the Pathfinder programme had delivered £6.8 million of investment and achieved spend and delivery targets set for the period.   The current spending plan was set to deliver the CLG guaranteed programme by the end of March, 2009.  Strategic acquisitions were closely managed to ensure that current funding targets were met and exceeded when additional funding was made available at regional level.

Agreed:- That the report be noted.

-        report by Joel Gouget, Finance Officer.

Joel Gouget, Finance Manager, Neighbourhood Investment Team, introduced a report which provided information relating to the financial monitoring of the HMR Pathfinder Programme in 2006-08.

At the end of October, 2008, the Pathfinder Programme had achieved £4.9M of spend (39% of 2008-09 allocation) in line with the budget target set for the period and was on track to deliver and exceed the year’s spend target.

The spend programme was under constant review to identify opportunities for accelerated spend and respond to the new housing market challenges created by the economic downturn and the credit crunch.

Agreed:- (1) That the report be noted.

(2) That a further report be provided at the next meeting.

-        verbal report by Joel Gouget, Finance Officer.

The Programme Manager gave a verbal report on the financial monitoring of the HMR Pathfinder Programme in 2006-08.

Following the TSY Board meeting in July, the 2008-11 Programme had been approved.  Rotherham had guaranteed funding of £25.9M split into £10.6M 2008/09, £10.4M 2009/2010 and £4.85M 2010/2011.  Rotherham had programmed project activity up to a value of £27M, utilising recycled capital receipts.  There was significant scope for further activity beyond this amount, subject to resources being identified.

The Programme was monitored on a monthly basis to ensure delivery and spend to target and bringing forward any mitigating action that was required.

At the end of July, 2008, spend stood at £2.85M, representing 26% of the allocation.

Agreed:- That the report be noted.

-        report by Joel Gouget, Finance Officer.

Joel Gouget, Finance Manager, Neighbourhood Investment Team, introduced a report which provided information relating to the financial monitoring of the HMR Pathfinder Programme in 2006-08.

At the end of January 2008, the Pathfinder programme has delivered £12.9 million of investment.   In addition a further £1.9 million of spend was delivered at the end of February 2008 to achieve £14.8 million of investment and match the HMR Pathfinder allocation granted to Rotherham for the period 2006-2008.

Work was now progressing on the stretched spend target of £17.3 million.  On the strength of its programme delivery, the Neighbourhood Investment Team has secured an additional £0.5 million of HMR Pathfinder funding taking the Rotherham Pathfinder allocation to £15.3 million for the period 2006-08.  This additional funding opportunity was created by spend slippage across South Yorkshire and will reduce Rotherham’s over-programming at end of March 2008.  The additional funding will be transferred back in the next programme.

The risks have been analysed in relation to Rotherham not delivering its commitment to spend to meet the HMR Pathfinder allocation at the end of March. The overall risk is rated low to medium as the projects scheduled to be delivered match and exceed Rotherham’s Pathfinder funding allocation.

The South Yorkshire funding allocation for 2008-11 has been confirmed by CLG with Rotherham’s allocation close to £27 million.  This represents a strong commitment to the Rotherham programme with a 26% increase on the year-on-year funding, in a context of a budget reduction for the region.  The Rotherham Pathfinder programme will be aligned to the confirmed funding allocation and Rotherham’s over-programming commitment will be determined for future periods.

Agreed:- (1) That the report be noted.

(2) That a further report be provided at the next meeting.