Purpose

It
has been highlighted from a financial standpoint that there is a
shortfall within the available budget for an external contractor's
imbursement. The historic payments and transfers against the
current PPMS ID are under review to accurately reflect available
budget and the developers future payments, whilst this
investigation is ongoing a decision is required for temporarily
borrowing funds against the scheme until the developer pays over
the next calculated stage instalment.

This borrowing of funds will allow the payment for the pending
invoice covering site investigation measures to date, the sum
amounts to £2,844.69 and is inclusive of internal staff
charges.

Due to the financial structure of the agreement in place with the
developer there is no potential for loss of revenue to Lancashire
County Council.

Content

John Davies, Head of Highways
Management Service, took the decision to temporarily borrow funds
to make up the shortfall within the available budget for an
external contractor's imbursement.