Financial management
The project is being financially evaluated in four key stages:
- Stage I - Management, Consultancy, Evaluation and Support (Revenue)
- Stage II - Building Design and Construction (Capital)
- Stage III - Commissioning and Trial Operation (Capital & Revenue)
- Stage IV - Sustainable ongoing Operation and Management (Revenue)
Initial cost projections:
- Stage I - £550k
- Stage II - £5.5m
- Stage III - £500k
- Stage IV - £0
It is anticipated that after a funded Capital & Revenue outlay of around £6.6m, the Stage IV level will demonstrate total sustainability.
A system of regular budgeting updates is being put into place, based upon latest quotes and tenders received. This will ensure that project costs are always known and controlled within the funding means of the scheme. The Board of Directors will receive regular financial updates and will only authorise the project to proceed to various levels as and when those costs are underwritten by pledged or actual funding.
Stage I funding is being sought from a raft of providers within Statutory Bodies, National Lottery (Reaching Communities) and from Community. Stage II will be sought from key business partners, whilst Stage III will be identified jointly from Statutory Authorities and existing Key Stakeholders. Stage IV work will be to demonstrate achievable sustainability at no cost to the community.
Being a Community Company, the Co-operative Bank Plc is providing Community Banking facilities.
It is envisaged that once the project is up and running, a community management board will be created and foundation members will be drawn from the volunteer group.
