Future High Streets Funding Reallocations Updates

i)      
that the overall project budget and Future Highstreet allocation
for the Station Square project be reduced by £1,973,575
resulting in a new total budget of £973,283 required to fund
the works to date.

ii)     
that the overall project budget and Future Highstreet allocation
for the Torbay Road project be uplifted by £113,363 resulting
in a new total budget of £381,525 required to deliver the
street scene enhancements.

iii)   
that the Future Highstreet allocation for the Crossways project be
increased by £1,860,212 resulting in a new total FHSF
allocation of £4,626,109 to ensure compliant spend the
grant.

Following the pausing
of the Torbay Road project, which has been withdrawn in favour of a
larger scheme to be delivered at a later
date, an underspend has subsequently arisen within the
approved FHSF programme allocations.

A detailed review of
all eligible project budgets within the FHSF programme has been
undertaken. In view of the grant funding deadline of 31 March 2026,
and to ensure full and compliant utilisation of the remaining
allocation, it is agreed that the identified underspend be
reallocated to the Crossways project.

The Crossways project
is confirmed as an eligible scheme capable of absorbing the funding
within the required timescales and delivering the intended outputs
and outcomes of the FHSF programme. This reallocation maintains
compliance with grant conditions and supports the achievement of
the Programme’s strategic objectives.

FHSF Allocation summary

The
allocations are maintained and the underspent grant is handed back
to central government, resulting in a loss of investable funding
for Paignton.

This decision will be
implemented immediately.

Updates to the Capital
Investment Plan in relation to the Future High Streets Funding
(FHSF) allocation regarding the projects listed below, to ensure
compliant spend within the grant spend deadline of 31 March
2026.

• Station Square
• Crossways
• Torbay Road