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Issue

Issue - meetings

Revenue Grants

Meeting: 31/01/2020 - Cabinet Member for Culture & City Development (Item 7)

7 Revenue Grants pdf icon PDF 131 KB

Purpose

 

To outline to the Cabinet Member the proposed funding levels for the Revenue Grant payments to cultural organisations for the financial year 2020/21 in order to enable effective planning by the individual organisations and take into account the deferment of the Revenue Funding decisions due to Purdah until February 2020.

 

RECOMMENED

To propose the details of the funding levels, which will be confirmed by Members at the Full Council meeting in February 2020 when the Council's overall revenue budget is agreed.

Additional documents:

Minutes:

The report was introduced by Claire Looney, Partnership & Commissioning Manager. 

 

In response to a question, officers explained that individual targets for each organisation are devised once they know the money is likely to be awarded.  The authority works with organisations and if necessary the authority will discuss the level of detail within the SLA with their board trustees to understand how to meet the PCC priorities. 

 

Councillor Symes commented that she had concerns with the £3.5 million proposed to be allocated to the Kings Theatre as a grant and £3 million of borrowing.  She felt that repayment of £85,000 a year over three years is quite a sum and was also concerned that the council had awarded them £180,000 towards a new shop which they now plan to demolish. 

 

Councillor Pitt explained that the Council had entered a financial assessment phase with the Kings Theatre in November 2018 and there was financial due diligence for the whole of 2019.  The Chief Financial Officer is comfortable with the level of the loan.  The loan is £3 million and £300,000 is to settle a long standing dispute with the council over who was responsible for some repairs, the other £350,000 is match funding.  There is a long way to go but they are aware of that and they are putting together a fundraising plan. 

 

 

DECISION:

The Cabinet Member agreed the details of the funding levels, which will be confirmed by members at Full Council meeting in February 2020 when the council's overall revenue budget is agreed.