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Financial Summary

Financial Summary: SRA Annual Report 2018-19

2018-19 Local Partner Funding

The SRA currently receives annual funding raised by Somerset’s local authorities through a shadow precept* and the Parrett Internal and Axe-Brue Drainage Boards.

(*A 1.25% ‘alternative notional amount’ (ANA) added to individual council tax bills; permission to raise this ANA is given by central government and can be used only to fund the Somerset Rivers Authority.)

We call these funds Local Partner Funds.

In 2018-19 the SRA received funds totalling £2.88m.

The SRA launched its fourth year with allocating 92% of this funding to a further 22 schemes continuing its Enhanced Programme of Works that delivers the 20 Year Flood Action Plan. The remaining 8% went towards staffing and administration and to boost a small contingency budget. The 20 Year Flood Action Plan is separated into five workstreams and the table below shows a summary of how the 2018-19 Local Partner Funds were allocated:

Table showing SRA spending by workstream in 2018-19, plus staff costs, admin overheads and contingency. Financial Statement

The SRA has funded over 130 schemes, actions and initiatives having raised over £11.5m since its inception in January 2015. A large proportion of these schemes can be delivered within the same financial year however some schemes and initiatives, whether they be small, large or complex by design require more long-term planning and take longer to complete.

Table showing financial summary of SRA Local Partner Funding in 2018-19.Financial Summary

The Pie Chart below shows SRA Local Partner Funding spend during 18-19 financial year by Workstream (£k).

Pie chart showing SRA Local Partner Funding spend by work stream during the 2018-19 financial year.The SRA does not commission works directly, instead SRA partners deliver works on behalf of the SRA. Once works are complete, funds are claimed back from the SRA. Funds claimed back equate to the actual spend by the SRA. During 2018-19 the SRA processed delivery partner claims for Local Partner Funds totalling £2,122k:

92% (£1,952k) delivering the Enhanced Programme of works

8% (£170k) relates to staff costs and administration overheads

HotSWLEP Somerset Flooding

Following the 2012 and 2013-14 floods, the Heart of the South West Local Enterprise Partnership (HotSWLEP) awarded £13.049m of Growth Deal funding up to March 2021 to enable key capital schemes delivered. The table below provides the current balance of Growth Deal funding including what was spent during 2018-19.

Table showing summary of SRA spending in 2018-19 of Heart of South West Local Enterprise Partnership Growth Deal funding.

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