This item had not been circulated 5 clear days in advance of the meeting. The chair agreed to accept the item as urgent as the Council needed to issue contractual instructions to 4 Futures by the end of November 2009.
RESOLVED:
1. That executive notes that:
· Phase 1 of the BSF programme has reached financial close within the affordability parameters previously approved by Executive.
· funding has been secured from BSF schools from all phases to support the project.
· Good value for money has been achieved when benchmarked by Partnerships for Schools.
· Southwark won three awards at the recent Excellence in BSF awards, best local authority, best change programme and client design advisor of the year (Catherine Brownell).
2. That it be noted that residual revenue and capital affordability targets for Phase 2 and Phase 3 of the BSF programme are also within financial parameters previously approved by Executive.
3. Executive notes the additional £3.5 million of funding received from national government and welcomes the commitments made by Balfour Beatty Capital to achieve current BREEAM excellent on new build Phase 3 schools, and agrees to the release of £1 million of earmarked SSF capital contingency for the eco-school back into the general capital contingency.
4. Executive notes that further BSF reports will be prepared with decisions relating to the management and commitments of the SSF capital contingency, and further notes the timing of these reports in order to maintain the target delivery programme, as set out in section 3 of the report.
5. That approval be given for a budget of up to £200,000 to fund feasibility work required for Phase 3, and that this money is to be financed from:
· £100,000 for Rotherhithe feasibility study, as previously approved in the primary capital programme; and
· £100,000 reallocated from the unspent £250,000 commitment previously made from Council reserves to fund project management costs prior to financial close on Phase 1.