House experts hold millions in reserve

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A HUGE under-spend in 2010 has meant that Milton Keynes Partnership – MKP – has nearly £20 million to spend in 2011.

Last year saw just £2.8 million spent from a forecast of £8.3 million on the Property and Regeneration budget.

The cause of the slippage, according to MKP, was due to the government spending review and the economic climate.

A spokesman for MKP said: “With reference to the Property and Regeneration budget, up to the end of October 2010 we had invested £2.8m against our original forecast of £8.3m.

“This slippage was due to a number of factors including the economic climate and project reviews in light of the Government’s spending review.”

MKP, a committee of the Homes and Communities Agency, dedicated to ensuring growth in the city, said the budget would roll over.

The spokesman added: “For 2010/11 the Property and Regeneration budget is £18.7m and we remain on target to invest this figure before the end of the financial year.

“The timings and feasibility of all our projects is closely managed so that our budget can be allocated when and where it is appropriate.

“This enables the HCA to use its budget in accordance with the aspirations of the Milton Keynes Local Investment Plan.”