Members approve allocation of funding to advance with Council’s Capital Projects
02 May 2017
Members of Derry City and Strabane District Council’s Strategic Governance Committee gave their approval for Council to proceed with £2.152m of funding to advance with its ambitious capital development projects across the City and District.
Members attending the monthly meeting at the Guildhall today, were given an update on the status of current projects completed by the new Council to the value of £35.146m, of which £16.156m was funded externally. They were also provided with details of a fully funded investment programme totalling £41.196m invested in projects that are approved but require £770,000 additional Council support to complete, and given a full report on £213m worth of projects that Council are currently developing and progressing.
Alfie Dallas, Council’s Lead Finance Officer, presenting the reports to members explained that during the rates estimates process efficiency savings of £2.045m were realised, of which £1.225m was re-invested towards loan charge provision for Council’s ambitious capital plan.
He said that a 5-year-funding strategy that will identify funding targets and plans for Council’s major strategic projects and aspirations moving forward, is currently being developed and is expected to come before members for consideration in June.
He outlined the financial challenges facing Council over the next five years and the work that is being done to develop further efficiency proposals for re-investment in strategic priorities through Council’s Phase 3 efficiency plan. He highlighted the importance of Council leveraging funding on its investment to secure maximum external funding for Council’s key strategic projects and outlined details of how the Council is also looking at how to generate funds through the generation of income from key assets.
Welcoming the investment, John Kelpie, the Council’s Chief Executive said this represented a significant commitment by Council towards achieving the objectives and targets of the emerging Community Plan/Strategic Inclusive Growth Plan.
He said the capital investment projects currently being progressed by Council, with the support of all its partners and Government departments, will not only enhance the city and district’s physical and virtual connectivity but will provide new opportunities in terms of developing skills, improving wellbeing, increasing tourism and providing opportunity for economic opportunity at sites in Derry city centre and Strabane town centre.
The City and region has been extremely successful in securing external funding through Interereg VA, including €15m for the Northwest Greenways projects (Derry-Buncrana, Derry- Muff, Strabane- Lifford), €20m by DFI for the Multi Modal Transport Hub, and circa €8m for the NW Centre for Advanced Manufacturing project. Council are also progressing significant applications through the PEACE Shared Space programme for Riverine and Clondermott.
John Kelpie told members that officers continue to work proactively with Central Government Departments around growth and stimulus funding to ensure maximum leverage for Council’s capital investment that will allow the Council to deliver on its commitment for further investment, regeneration, and providing support to sustain and create jobs for the city and district.