Nine more projects
approved as rate of spend accelerates
Nine more Objective One-funded projects worth a total of £1.7 million have been approved this week, and new figures show that the rate at which funding is being spent is accelerating.
A meeting of the Objective One Working Group, which meets monthly to recommend new projects for approval, endorsed on Thursday some £654,000 of grant funding for nine new projects spread across all four of the Objective One funds.
That means that £116.6 million has now been earmarked for projects under the Objective One programme.
And new figures released this week show that the rate at which those projects are spending their grant funding is accelerating. Latest figures show that £13.6 million of Objective One funding has now been spent in Cornwall, which is more than half way towards the year-end target of £25 million set by the European Union.
Some areas of Objective One, including the European Social Fund part of the programme, have already hit their target for 2002, but there is no room for complacency.
Objective One programme director Bill Bawden said: “I’d still like to remind Objective One-funded projects to ensure that they submit their spending claims in a timely fashion and to contact the Government Office for the South West if they need any help in filling out their claim forms.”
Under European rules, Objective One money is claimed in arrears every quarter because projects have to provide evidence that they have spent the money before they can claim it back.
This means there is always a lag between the amount of money committed to projects, and the rate at which it is spent. Some projects also last a number of years, so it may be three or even four years before they have spent their entire Objective One allocation.
Cornwall’s rate of spend compares favourably with the UK’s other Objective
One regions. Figures published this week suggest that only Cornwall and
South Yorkshire have already hit their ESF target, while Merseyside and
Wales have some distance to go.
Objective One Partnership Office
Truro TR1 2UD