2015 Report details for project: Priority School Building Programme - Private Finance

Project name: Priority School Building Programme - Private Finance - there are 4 reports for this project: 2015, 2016, 2017, 2018
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Organisation: DFE (D6) - see all reports for this organisation
Report year: 2015 (data is from Sept 2014)
Category: Infrastructure - see all reports for this category
Description: On 24 May 2012, the Secretary of State confirmed that the Priority School Building Programme (PSBP) would rebuild, or meet the condition needs of 260 schools. The programme will address the needs of 214 schools through capital grant and 46 schools through private finance. To ensure value for money for the public sector, the schools have been grouped together in “batches” to make projects that will be commercially attractive and drive strong competition. Under the private finance element of the programme there are 5 batches of schools being delivered via PF2, the government's new approach to private finance. The following objectives have been agreed for the private finance element of the PSBP: 1. to rebuild or meet the condition needs of 214 schools, prioritising those in worst condition using private finance funding; 2. to build more for less; 3. to use a centralised procurement model in order to drive efficiencies in procurement, time and ensure that a quality solution is obtained at the lowest cost; and 4. to gather data that will enable the efficient delivery of future school buildings e.g. data on cost, timelines, energy usage etc.
DCA (RAG): Amber/Red
DCA text: Since our last report the overall delivery confidence has improved as the Aggregator Funding Procurement Agreement has now been signed and are proceeding to programme.
Start date: 2011-07-19
End date: 2017-07-31
Schedule text: The first three batches, Hertfordshire Luton and Reading, the North East and North West reached Financial Close in March 2015. The two remaining batches, Yorkshire and the Midlands are expected to reach Financial Close by August 2015. We currently have 23 schools under construction. This number is set to increase to 36 by December 2015. Our first school is scheduled to open in the North East at the end of December 2015. We are still on programme to meet our December 2017 deadline.
Baseline: £0.00m
Forecast: £0.00m
Variance: None%
Variance text: Financial data was not submitted previously due to the fact that our unitary charge is revenue budget and will be partially incurred from September 2016 onwards when the first schools enter the operational phase.
Whole Life Cost: £0.00m
WLCost text: The whole programme is funded out of the unitary charges that DfE will pay, therefore all of the money being spent is funded by government. The batch Special Purpose Vehicle (SPVs) may borrow money from the private sector (the Aggregator), but this will be repaid out of the unitary charges paid by DfE. Note data not provided: Finances are not reported in this section as it is a Private Finance project and as such funding for this is borrowed from the market. The EFA have an approved business case for the revenue funding of the unitary charge for the term of the programme. Revenue expenditure will not commence until practical completion (service availability date) is achieved.
Notes1: Data not provided by department Data not provided by department Data not provided by department Data not provided by department
Sourcefile: IPA_2015.csv

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