Decision details

The current budget established for the King George V Pavilion scheme, as stated in the Capital Monitoring Report approved by Executive Cabinet in February 2022, is £908,000 comprising £674,953 in s106 and £233,570 in CIL.
Following receipt of tenders the value of the work is £939,000 and approval is therefore requested for an increase in the scheme budget of £31,000 which can be funded from the £50,000 King George V Playing Fields CIL (play) contribution already allocated to the King George V project.
CIL Officers advise that for the purposes of the Infrastructure Funding Statement (IFS)

To increase the pavilion scheme budget to £939,000 through the use of £31,000 King George V Playing Fields CIL (play) contribution already allocated to the King George V project.

Option 1 - Returning to cabinet in June to approve revised budget. This would prejudice the progress of the project as allowing for decision, call-in and contractor lead in time the works would not start until late July 2022 and not complete until January 2023. Due to a volatile market there is also a distinct risk that the contractor will not hold their prices and withdraw from the contract.
Option 2 - Retendering the contract. This would prejudice the progress of the project as allowing for the procurement process the works would not start until late August 2022 and not complete until January 2023. Due to a volatile market there are also no guarantees that prices would not increase further.