How is Lee Valley Regional Park Authority Funded?
The Lee Valley Regional Park Authority (LVRPA) is an independent statutory public authority established by an Act of Parliament. The Authority is financed from a levy calculated from the council tax base of Hertfordshire, Essex and Greater London. The ceiling for the levy is determined by a formula prescribed in 'The Levying Bodies (General) Regulations 1992 which is adjusted annually to account for inflation.
Each year the accounts of the Authority are audited to comply with statutory and value for money requirements and to demonstrate that the Lee Valley Regional Park Authority manages its finances efficiently and effectively.
LVRPA’s Levy Settlement: 2011/12
Following agreement by the Authority’s Executive Committee held in December 2010 and the full Authority on 20 January 2011, Members have approved a levy decrease of -2.0% for 2011/12. This is significantly below the current rate of inflation. The total amount to be raised by the levy for 2011/12 is £11,989,124 and amounts to £2.96 per band D equivalent property per annum (2010/11 was £3.05).
An influencing factor in this year’s Levy settlement has been a growing recognition that the Regional Park is an expanding business and must continue to seek all appropriate opportunities to maximise income from additional sources, existing facilities and services. In 2011/12 LVRPA expects to generate a further £6.5 million of revenue income which will offer a vital contribution to ongoing plans to enhance the scope and quality of the facilities and services we offer.
In 2011/12 the estimated gross revenue cost of running services will be £18.5 million and the planned gross capital investment over the next five years will be £21.5m which in itself will attract at least a further £3.0m of external funding; and help to generate Assets in excess of £170m as a result of the Olympic venues
LVRPA’s longer- term Levy policy
The Authority has developed a new Business Plan 2011-2014 and vision for the Regional Park as an attractive regional destination for leisure, sport and recreation to 2020. The Plan will be launched later this year following a period of consultation with the Boroughs and key stakeholders. This strategic plan will enable the Authority to consolidate its medium term financial plan which will include a longer term levy policy.
More immediately, the Authority is looking to set up a new levy policy for future years which will continue to reflect a suitably pragmatic and prudent approach and, in turn, help contributing local authorities in their financial planning.