Finance

Project Cost and Funding

In July 2017, council backed a budget of £39.92m for the project to create both a new leisure complex and bus station.

On November 27 2018, members of the Leisure Complex and Bus Station Programme Board approved an additional budget of £11.88m.

In addition to £39.92m already approved by council, it brings the total budget to £51.8m.

The authority has saved and ring fenced £33.65m - income from new homes bonus, community  infrastructure levy (CIL), Section 106 agreements and capital receipts for the purpose of delivering the leisure complex and bus station.

It plans to borrow £18.1m to finance the project. The additional funding can be achieved without negatively impacting on the medium term financial plan, and will not increase the council’s already identified saving requirements and commitments over the coming years.

This will be achieved through income from the leisure centre operator and financial management measures, including restructuring of council-wide loans.

When this content has been updated

Last updated 28 November 2018