Purpose

Project requires the reallocation of
£450k of Integrated Transport Block (ITB) to allow the works
to continue until May (expected finish July). A request is being
taken through the decision pathway simultaneously to seek approval
for full additional funding from Economic Development Fund (EDF)
that will pay the ITB back when secured. These funds will cover the
shortfall in budget that has arisen on this project due to poor
supplier performance, delays, and compensation events.

Content

Allocate £450k of ITB to the project
immediately so that suppliers currently working on it can be paid
while funding for the larger budget shortfall (£880k in
total, an additional £430k) is secured.