My Department is closely monitoring the situation with regard to the allocation and drawdown of programme funding. I have recently advised all Local Development Companies of their Programme allocations and I have given a commitment to examine the position at 31 August with a view to reallocating any remaining available funding to ensure that all funding is allocated before the end of 2013. It is now up to each Local Development Company to ensure that their revised allocation is fully committed by the end of August and that they ensure full expenditure as soon as possible and in any event before the end of 2014.
I am also asking the Local Development Companies to re-examine their administration spending to see if it can be reduced in order to free up additional funding for projects. It is imperative that the spend on projects is maximised and that local communities see the benefits on the ground. I am convinced that savings can be made in this area.