Overview May 2018 1 New MLX Funding On the 22 nd March 2018 the - - PowerPoint PPT Presentation

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Jan 24, 2023 237 likes •363 views

PMC 2018/19 Programmes Overview May 2018 1 New MLX Funding On the 22 nd March 2018 the LEP was advised by BEIS that the funds originally allocated to the Metropolitan Line Extension would be retained by the LEP and if the project does not go

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PMC 2018/19 Programmes Overview May 2018

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New MLX Funding

On the 22nd March 2018 the LEP was advised by BEIS that the funds originally allocated to the Metropolitan Line Extension would be retained by the LEP and if the project does not go ahead can be spend on other projects. The profile has been amended slightly due to the delays in the MLX project. The total funding of: £37,650,000 Year New to Growth Deal Original Growth Deal 2018/19 16,200,000 5,830,000 2019/20 10,000,000 5,500,000 2020/21 120,000 Total 26,200,000 11,450,000 2

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Available Growth Deal Funding 2018/19 (£42.5m) Inc new £26,200,000 from MLX.

Due to the potential extra MLX funding the LEP could have, 2018/2019 is now LEPs biggest year to date in terms of available spend. £42,585,327 to spend in this financial year.

£12,840,432 £13,836,191 £33,455,875 £26,385,327 £19,765,956 £27,274,460 £12,840,432 £13,836,191 £33,455,875 £42,585,327 £29,765,956 £27,274,460

£0 £5,000,000 £10,000,000 £15,000,000 £20,000,000 £25,000,000 £30,000,000 £35,000,000 £40,000,000 £45,000,000 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 Original Funding Profile Post MLE Funding Profile

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BEIS GD funding profile vs Indicative Spend Profile

Change to additional MLX funding, GAF ring-fence and evergreen ring-fence removal.

£159,758,241 £112,071,408 £- £20,000,000 £40,000,000 £60,000,000 £80,000,000 £100,000,000 £120,000,000 £140,000,000 £160,000,000 £180,000,000 Total £12,840,432 £13,836,191 £33,455,875 £42,585,327 £29,765,956 £27,274,460 £11,012,884 £15,875,819 £6,507,212 £14,862,166 £46,008,605 £17,804,723 £- £5,000,000 £10,000,000 £15,000,000 £20,000,000 £25,000,000 £30,000,000 £35,000,000 £40,000,000 £45,000,000 £50,000,000 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 BEIS Indicative

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Current Spend

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2018/19 Growth Deal Programme

Project Expected (£) Project Total (£) Comment A602 Improvements 2,060,000 18,490,000On programme to deliver West Herts College - Dacorum Campus Phase II 500,000 5,100,000 A10 Buntingford Roundabout 76,940 1,463,440Requires board approval Essex Road Hoddesdon 895,000 6,372,549On programme to deliver Hatfield MSCP - Grant 1,198,146 6,000,000 Stevenage SG1 Land Assembly 6,150,000 8,000,000 Stevenage SG1 Public Realm 895,100 3,000,000 Stevenage Theatre Relocation 900,000 1,500,000 University of Herts Business Hub 1,560,000 2,500,000 TOTAL 14,235,186

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Pipeline

Chairs Panel will be considering the following to ensure the LEP is prepared to use any future funding is it becomes available.

Project Name 2018/19 forecast 2019/20 forecast 2020/21 forecast Total Broadband Phase II 500,000 500,000 Old River Lane, Bishop’s Stortford - EHDC 5,620,000 4,000,000 9,620,000 EZ Infrastructure Interventions 80,000 266,000 340,000 686,000 SME Expansion Grant - HLEP 125,000 1,100,000 1,275,000 2,500,000 Watford – infrastructure and place shaping improvements: ’THE ROAD TO SUCCESS’ 850,000 3,978,000 4,828,000 Hemel Hempstead Campus Building Expansion

450,000 450,000 900,000 BRE Open Innovation Hub EZ Loan 3,000,000 3,000,000 SEF 4 2018/19 1,000,000 1,000,000 TOTALS 8,625,000 12,794,000 1,615,000 23,034,000

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If all proposed spend goes ahead Scenario –

£159,758,241 £111,371,409 £134,405,408 £- £20,000,000 £40,000,000 £60,000,000 £80,000,000 £100,000,000 £120,000,000 £140,000,000 £160,000,000 £180,000,000 Total

£12,840,432 £13,836,191 £33,455,875 £42,585,327 £29,765,956 £27,274,460 £11,012,884 £15,875,819 £6,507,212 £14,862,166 £45,308,605 £17,804,723 £11,012,884 £15,875,819 £6,507,212 £23,487,166 £57,652,605 £19,419,723

£- £10,000,000 £20,000,000 £30,000,000 £40,000,000 £50,000,000 £60,000,000 £70,000,000 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 BEIS Indicative Potential

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Summary

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Questions on Growth Deal?

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Growing Places Fund Finances

GPF ring-fenced funds all removed at the last board and all applicants must

reapply for funding. Removed:

Medtech Accelerator - £500,000
GAF Admin fund – £120,000
Broadband Phase 2 - £500,000 Capital
Visit Herts Project Fund - £150,000

GPF Capital Revenue TOTAL Start (2012) £15,000,000 £1,000,000 £16,217,000 Spent (Pre 2017)

£8,500,000
£1,576,932
£10,293,932

HCC Swap

£6,500,000

£6,500,000 £0 Loan repayment £1,000,000 £0 £1,000,000 Sub total (inc £1m Cap income) £1,000,000 £5,923,068 £6,923,068 Total committed Spend (2017-2021)

£500,000
£339,810
£839,810

SUB TOTAL available funds £500,000 £5,583,258 £6,083,258 Skills and Apprenticeship Hub £0

£255,000
£255,000

Herts LEP SME Loan Scheme

£4,000,000
£4,000,000

SUB TOTAL if approved £500,000 £1,328,258 £1,828,258 Watford Re-payment (2020) £7,500,000 £0 £7,500,000 New Forecast Total £8,000,000 £1,328,258 £9,328,258

Proposed:

Skills and Apprenticeship Hub - £255,000
SME Business Expansion Loan - £4,000,000

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