At a special meeting of the Policy & Resources Committee on Tuesday I will be proposing that the Council increases its funding for our Urban Regeneration Company, Riverside Inverclyde, by £487,000 more in 2010/11 than we previously agreed in February 2009 when we set the 2010/11 budget. This will bring the Council's total contribution to RI in 2010/11 to £2.1m.
This additional funding for RI should strengthen the ability of the area to respond to the challenges of the economic downturn and I am sure will be very much welcomed by Bill Nicol and his team. It has been made possible by our effective financial management of the Council and our focus on identifying efficiencies.
To date the Council has allocated funding of just under £9m to RI out of our total commitment of £24m by 2017.
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