Ever wondered how regeneration projects, like those supported by the Future High Street Fund (FHSF), are planned, funded, and delivered?
Here’s a clear look at how the programme in Tamworth was funded, why costs can change, and how investment benefits our community.
Where did the money come from?
The government gave us a grant of £21,652,555. Of this, £9,527,823 went to the college for their new building, leaving £12.1 million for the regeneration programme.
To deliver eight projects across the borough, we also added:
🔹 Match funding from us as the council – this was a specific condition of the grant; we had to contribute our own money and comes from money we’ve saved in previous years and set aside for regeneration. This amount came from capital receipts: £8,448,810
🔹 Other grants, including UK Shared Prosperity Fund money, S106 agreements and Community Infrastructure Levy funding: £1,630,220
The total cost of delivering all eight projects was £22,203,762.
Why did it cost so much?
Three reasons:
1️⃣ The cost of materials went up during the project
2️⃣ Inflation rose during the delivery period
3️⃣ When applying for funding, costs were estimates, full surveys weren't possible at the time because of Covid restrictions
This is something many similar projects across the country have experienced. All the money additional to the government grant came from money the council had already set aside for regeneration. Around £900,000 is also expected to be returned for future work at Gungate.
Councillor Craig Adams, portfolio holder for finance and ICT, said: "Every pound of this funding has been carefully tracked, and we’re open about both the costs and where the money comes from.
“Sharing this information helps everyone understand how public money is planned and used—how grants, council contributions, and other funding come together to make projects possible. It’s not just about numbers; it’s about how investment improves Tamworth, creates better spaces, and supports local communities.
“Our team has thoughtfully planned and delivered each project, and I’m proud of the progress being made for our town."