BSF schools which are complete were funded as part 5 of a “Quick Wins” initiative. Funding from the capital budget for these projects is shown in the following table.
2004-05 2005-06 2006-07 New build 4.5 10.8 0.4 Remodelled/refurbished 3.5 6.5 1.3 Total 8.0 17.3 1.7
There are currently 30 new build schools under construction. Of these, 23 are being procured through the private finance initiative scheme and so will not receive any funding until the schools open. Capital funding of £18 million was provided to authorities in 2006-07 to meet milestone payments for those conventionally funded new build schools currently under construction.
The procurement strategy for BSF projects is determined on value for money grounds. Local authorities are required to carry out a detailed options appraisal which considers different procurement and funding methods for the schools in a project using both quantitative (discounted cash flow) and qualitative analysis, in accordance with HM Treasury’s ‘Value for Money Assessment Guidance’ of November 2006.