Purpose

Update on programme budget and procurement
route

Content

1.     
That in order to continue to deliver Wolverhampton’s
ambitious and transformational regeneration agenda:

i.       
The continuation of progressing the City Centre West development
scheme, £382,000 budget, funded from the Sustainable Medium
Term Financial Strategy (MTFS) reserve for the project to March
2025 be approved.

 

ii.      
The continuation of progressing the St Georges development scheme,
subject to a satisfactory business case, £821,000 budget,
funded from the Sustainable MTFS reserve for the project to March
2025 be approved.
 

iii.    
The continuation of progressing the Green Innovation Corridor
programme, £250,000 budget, grant funding from the
Government’s Investment Zone Delivery Capacity Funding to
support the progression of the project to March 2025 be
approved.
 

iv.    
The continuation of progressing the Bilston Town Centre Long Term
Plan project, £250,000 budget, grant funding from the
Government’s Bilston Capacity Funding to support the
progression of the project to March 2025 be approved.
 

v.     
The delivery of the Wolverhampton: Our Future City Plan,
£381,000 budget, funded from the Regeneration Reserve be
approved.
 

vi.    
Authority be delegated to the Cabinet
Member for Resources in consultation with the Director of City
Development to approve the direct award of contract for
£714,000 to Arcadis for support for the City Development
Programme when the evaluation process is complete.
 

2.     
That it be noted that the Council would seek to secureadditional
grant funding during 2024-2025 to mitigate the use of reserves to
support the ongoing delivery of these transformational projects for
Wolverhampton. These would be progressed through an Individual
Executive Decision Notice (IEDN) supplementary budget approvals in
line with financial procedure rules, as appropriate.

 

3.     
That it be noted that the Council would seek to utilise earmarked
Enterprise Zone funding in 2025-2026 (circa £5 million for
priority projects) to fully offset any use of the Sustainable Medium Term Financial Strategy
(MTFS) reserve in 2024-2025. In doing so, replenishing
reserves utilised in 2024-2025 as first call from the circa
£5 million revenue income from the Enterprise Zone in
2025-2026.