How is Lee Valley Regional Park Authority Funded?
The Authority is community focused and commercially driven and generates the majority of its income from commercial and business activities, maximising a range of opportunities in order to lessen the demand on council tax payers.
The rest comes from a levy on council tax payers in London, Essex and Hertfordshire – which equates to 80p per person per year. The ceiling for the levy is determined by a formula set out in “The Levying Bodies (General) Regulations 1992” which is adjusted annually to account for inflation.
The levy helps to keep Lee Valley Regional Park’s parklands maintained to a high standard and its venues as accessible as possible. It also ensures that the park remains a regional attraction offering unique mixture of nature, sport and leisure facilities to the people of London, Essex and Hertfordshire and beyond. It attracts around eight million visits a year. Around 80% of visitors are from London, Essex and Hertfordshire, with the remainder from other places both nationally and internationally.
Lee Valley Regional Park Authority has a statutory remit to develop and preserve leisure, recreation, sport and nature and so the money raised through the levy is directed to assets such as its eight Green Flag winning open spaces, three Green Heritage Sites and is sport and leisure venues.
Lee Valley Regional Park Authority’s Levy Settlement: 2020/21
Following agreement by the Authority’s Executive Committee and the full Authority on 23 January 2020, elected Members drawn from across the region have approved a 0% change in the levy for 2020/21. This is the eleventh consecutive year the levy has not increased. The total amount to be raised by the levy for 2020/21 remains at £9.6 million.
This amounts to 80p per head of population per year in the region. It was 81p in 2019/20. It is 36.7% of the maximum chargeable.
An influencing factor in this year’s Levy settlement has been the recognition that the contributing Authorities are under significant financial pressure and that the Regional Park is an expanding business and a key partner in the delivery of the Olympic legacy, having guaranteed the future of three London 2012 venues worth circa £200 million. These are Lee Valley White Water Centre, Lee Valley VeloPark and Lee Valley Hockey and Tennis Centre.
The planned capital investment over the next five years will be £50 million which in itself will attract further external funding as well as creating jobs and opportunities for the wider region that the Authority serves. A significant part of this capital investment will be generated from the sale of surplus assets and existing capital reserves.
Lee Valley Regional Park Authority’s longer-term Levy policy
The Authority has developed new Business Plan priorities for 2020 - 2025 alongside its vision for the Regional Park as a world class destination for leisure, sport and recreation. Even though there are significant economic uncertainties going forward the Authority has reduced the levy to 80p per head of population.