Allocating the GCP’s resources in the right way is key to ensuring the GCP achieves its objectives and unlocks future funding from government and elsewhere to secure the infrastructure improvements GCP needs to support its local plans, ensure economic growth and continued quality of life. The Future Investment Strategy which develops the longer term resourcing strategy is also on this agenda for the Joint Assembly’s consideration. This report focuses on the Tranche 1 resources and the first call on the next phase of resources required to complete the existing GCP planned programme and future investments.
This report takes forward the GCP Financial Strategy (approved in November 2016) and the GCP Budget Setting 2017/18 (approved in March 2017). The Financial Strategy developed a structured framework within which the GCP Board would identify the resources at its disposal and a financial governance framework to ensure that resources are used effectively.
The GCP has a “gainshare” agreement to unlock further government funding for the infrastructure our region needs, it must demonstrate that it can deliver agreed projects on track and on budget, achieve the anticipated benefits, and, in the longer term, have prioritised investments that produce additional economic growth in Greater Cambridge.
The Joint Assembly is asked to comment on the proposed allocation of resources as detailed in Appendix A below, in particular where scheme proposals and estimated total costs have changed since the budgets were last approved in March 2017.