Purpose

On 16 November 2023 the Acting
Executive Director - Place, utilising authority delegated by full
Council, and having considered the outcome of a transparent
selection process run by external independent advisors, determined
to allocate £1,349,400 of UKSPF for the refurbishment of
Macclesfield indoor market comprising £80,000 revenue and
£1,269,400 capital, and £495,000 for the project
Macc on Foot (£415,000 capital,
£80,000 revenue).  Both these
capital sums were reflected in the capital programme submitted as
part of the MTFS and approved by full Council on 22 February
2024.  Initially they were to be
supplemented with £358,200 that was within the Capital
Programme as part of Macclesfield Town Centre regeneration capital
scheme.
 
However, mindful of the
Council’s financial position with regard to prudential
borrowing the projects sought further UK SPF funding to negate the
need for Council prudential borrowing.
 
Consequently, on 13 February
2024 the Acting Executive Director - Place awarded an additional
£229,100 of UKSPF to the Macc
Indoor Market project, (£50,000 revenue and £179,100
for capital works) and a further £179,100 of UK SPF was
awarded to Macc on Foot for capital
works (£408,200 across the two projects).  The additional amounts were not fed into the MTFS
and Budget papers due to timing constraints with those
papers.
 
This decision is therefore
reflecting the awards of 13 February 2024, noting that
£21,000 of the £50,000 revenue allocation is also being
vired across to capital and is ensuring
that the capital programme reflects the correct values. It also
allows for the balance of the Macclesfield Town Centre regeneration
scheme to be removed from the capital programme.
 
The alternative to doing this
would be that each project would have to value engineer costs out
of the budget and there is a risk that some UK SPF funding would be
unspent and would be potentially returned to central
government.

Content

To approve Supplementary
Capital Estimates and the virement of £379,200 from the
revenue allocation of the UK Shared Prosperity Fund (E762220) to
the Capital Programme: £200,100 to be added to the
Macclesfield Indoor Market Refurbishment Project (CAP-10478) and
£179,100 to be added to Macc on
Foot (CAP-10477) in order to progress and deliver these externally
funded capital projects.