Presumably we will have to pay back any money that we under-spend?
Submitted by admin on Mon, 23rd Nov 2009
Yes any unspent money would have to be paid back to the programme as it is public money. The programme team will monitor project spending and it would normally be according to the funding agreement as described in the original application and/or business plan. Claims for project money will be made on a monthly or quarterly basis up to 90% of the total contract so the circumstance in which a project is holding a large amount of unspent money should not arise .The remaining 10% will be paid on satisfactory completion of the project. It will rather be a case of projects claiming less than originally budgeted.
