In Building Schools for the Future, funding is allocated to local authorities and not directly to schools. Local authorities take decisions on how to allocate this funding to their schools in accordance with local need. The following table shows the funding which has been allocated to authorities which have reached financial close in their BSF projects.
£000 Local authority project Conventional PFI credits Total Bristol ph 1 (Wave 1) 7,598 157,173 164,771 Manchester 201,644 0 201,644 Greenwich 57,226 183,510 240,736 Bradford ph 1 (Wave 1) 9,461 111,904 121,365 Lancashire ph 1 4,183 94,812 98,995 Lambeth 87,123 0 87,123 Leeds ph 1 37,877 143,500 181,377 Solihull 29,536 86,790 116,326 Newcastle ph 1 36,856 51,706 88,562 Sheffield ph 1 (Wave 1) 22,721 88,999 111,720 Waltham Forest ph 1 38,321 29,078 67,399 Knowsley 3,508 249,984 253,492 Lancashire ph2a 3,098 75,049 78,147 Leicester ph 1 33,977 63,233 97,210 Lewisham ph 1 (Wave 1) 17,793 118,968 136,761 STaG phl 14,042 31,504 45,546 Leeds ph2 48,688 42,243 90,931 Sunderland ph 1 60,193 0 60,193 Westminster ph 1 71,892 0 71,892 Nottingham 146,325 75,913 222,238 Lancashire ph2b 1,679 45,461 47,140 Islington ph 1 40,051 64,460 104,511 Kent ph 1 130,698 98,840 229,538 Liverpool 17,747 0 17,747 Hackney 63,062 0 63,062 Middlesbrough 44,340 0 63,062 Newham 35,002 66,484 101,486 Tower Hamlets 50,640 0 50,640 Tameside 40,371 49,706 90,077 Haringey 64,770 0 64,770 Total closed phases—as at 31 March 2009 1,420,422 1,929,317 3,349,739
The following table shows the latest estimate of expenditure on the Building Schools for the Future programme. These estimates may change as projects progress through the procurement phase and into construction.
2008-09 2009-10 2010-11 Capital grant 0.7 2.0 2.3 Notes: 1. These figures include estimated expenditure on academies delivered through the Partnerships for Schools national framework. 2. Capital grant payments are made following the financial close of the project in accordance with construction payment milestones.
In addition, we expect to allocate £3.9 billion PFI credits to projects in this period. Credits are allocated following approval of the project’s outline business case, but the revenue payments to local authorities to which they relate are not made until the new school building is completed.
The following list sets out (i) financial institutions that are involved in BSF schemes that have already reached financial close; and (ii) financial institutions who are in the market to finance BSF schemes that have not yet reached financial close.
Funding to BSF schemes that have reached financial close:
Bank of Ireland
Barclays
BNP Paribas
European Investment Bank
HBOS
Abbey National
HSBC
NIB Bank
Royal Bank of Canada
SMBC
Depfa
In the market to fund BSF schemes that have not yet reached financial close:
Nationwide
SMBC
Barclays
National Australia Bank
European Investment Bank
Aviva
Co-op
Helaba Landesbank
Lloyds
Norddeutsche Landesbank
RBS
Santander
NIB Bank
Westdeutsche Landesbank
Deutsche Postbank
On 2 March 2009, the indicative revised prioritisation of Building Schools for the Future (BSF) was published, based on the revised expressions of interest which authorities provided in November 2008. Partnerships for Schools (PfS) the body which assists local authorities procure their BSF investment, is already engaging with authorities to discuss their readiness to deliver. No project will formally enter BSF until PfS is satisfied that there is robust evidence that the authority is ready to deliver. It has therefore not yet been decided which will be the next authorities to enter the programme after 2010-11.