Finance
- £1.7m Capital Receipts Reserve
- £1.7m Earmarked Reserves
- £0.25m Community Infrastructure Levy (CIL)
- External grant and funding opportunities may arise at any time. To make successful applications the Council needs to know what is important to the community and the level of support for each stabilisation option. Understanding the amount of funding required for residents’ preferred option is also very important in any grant applications.
- To inform the Town Council’s evaluation of funding options, including borrowing and asset disposals.
Finance and Funding
Green Seafront
Additional cost analysis of the essential scheme has been undertaken and this has resulted in an estimated cost of £4.5m. The new scheme has also been subject to cost analysis and has an estimated cost of £6.5m. Both cost estimates are based on works commencing in Autumn 2026.
The Council currently has £3.65m set aside to fund the works:
It is estimated that a further £0.2m may be available from gains made on the disposal of investments. This leaves a potential shortfall in funding between £0.65m and £2.65m. The Council has actively sought sources of external funding towards this project and is continuing to do so but opportunities are extremely limited.
Should the Council be required to borrow money to make up any funding shortfall it would have to make an application to central government. This would require evidence that local residents support the proposals and therefore would be the subject of additional public consultation.
Shore Road pedestrian safety improvements
Dorset Council has funded all of the design works and will contribute to the cost of the highway works. This contribution of £500,000 is not sufficient to complete any of the options and the Town Council does not have any funds available to meet any shortfall. Again, sources of external funding are being actively sought.
Why is the Council consulting on options for stabilising the Green Seafront now when they have do not have sufficient funds available to complete the works?
The Council recognise that the stabilisation works offer the potential for a once in a generation opportunity to enhance the seafront. Engaging the public now enables the Council to understand the level of support there may be for potential proposals. This is important for the following reasons: