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FUNDING PLAN FOR THE NEW REMODELLED COMMUNITY AND PERFORMANCE VENUE PASSES THE FIRST FINANCE SCRUTINY HURDLE

At the meeting of the Town Council’s Finance Key Area Group on the evening of Thursday 28 June 2018, a new funding plan for the proposed remodelled community and performance venue came under the scrutiny of Members of the Finance committee.
 
The revised modelling of the new community and performance venue, as developed by the Cultural Quarter Steering Group, has indicated the Town Council would need to obtain funding of £3 million, via a loan from the Public Works Loan Board, towards an overall build cost of £5 million, with the balance being raised through a combination of fundraising, grants and other Council Reserves.
 
Central to the funding plan is for the loan of £3 million to be affordable and sustainable and not to require any increase to residents’ annual Council Tax bills toward the loan repayment. The plan, presented to the Town Council’s Finance Members, demonstrated clearly how this could be achieved through a combination of using revenue generated by the growth in new housing in the town, budget savings and the use of specific Council reserves. 
 
After an in-depth discussion looking at all aspects of the funding plan, Members of the Finance Key Area Group agreed the plan was financially sound and would deliver an affordable facility residents of the town would welcome and be proud of. Members approved the funding plan with a recommendation for the plan to be forwarded to full Council for final consideration.