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  • Contingency (Supplementary) [6]

    • Question by: Bob Blackman
    • Meeting date: 25 April 2007
    Obviously you have not given us figures so, to a certain extent, we have got to conjecture what they are but, say, the cost of the Stadium in your budget is £250 million - I do not know if that figure is correct or not - and then you discover that, lo and behold, now £300 million is the true cost. Does that extra £50 million come from the contingency? What happens about that?

  • Contingency (Supplementary) [7]

    • Question by: John Biggs
    • Meeting date: 25 April 2007
    I have a couple of questions and the first follows very neatly off the back of Murad Qureshi's question. I think a lot of Londoners have followed the different stories of the development of Heathrow Terminal 5 on the one hand, and Wembley Stadium on the other hand. Would you say your method of procurement, and within that the management of contingency and risk, is closer to one or the other?

  • Contingency (Supplementary) [8]

    • Question by: Bob Blackman
    • Meeting date: 25 April 2007
    So is that procedure set up or is it to be determined?

  • Contingency (Supplementary) [9]

    • Question by: Murad Qureshi
    • Meeting date: 25 April 2007
    You have mentioned the Cabinet Committees that are keeping an eye on this. Surely the building contract and the legality of that will supersede anything that they can decide about which contingency sums can be drawn from or not.

  • Contingency (Supplementary) [10]

    • Question by: Bob Blackman
    • Meeting date: 25 April 2007
    Sir Roy , what I am trying to get at is how does the contingency fund work to fund specific projects?

  • Contingency (Supplementary) [11]

    • Question by: Bob Blackman
    • Meeting date: 25 April 2007
    So the process will be that you would have to make an application, and that application would be considered in the due fullness of time. Or is there a time period in which that should be addressed?

  • Contingency (Supplementary) [12]

    • Question by: John Biggs
    • Meeting date: 25 April 2007
    Which one?

  • Contingency (Supplementary) [13]

    • Question by: Bob Blackman
    • Meeting date: 25 April 2007
    OK. You have this series of different projects, all with their own budgets within the overall budget, and you are going to put a series of contracts out to tender. Supposing, on the first one of those, you have a budget that says it is £250 million, but the cheapest cost comes in at £300 million. Does that mean the £50 million will come from the contingency fund, or does it have a knock on effect on the other budgets?

  • Contingency (Supplementary) [14]

    • Question by: John Biggs
    • Meeting date: 25 April 2007
    An important part of this then is anticipating the legacy use of the Park and its areas. Are you confident that that is not going to create a big area of risk for you in terms of contingency?

  • Contingency (Supplementary) [15]

    • Question by: Bob Blackman
    • Meeting date: 25 April 2007
    What happens after the £500 million contingency reserve is exhausted? Where do you go next?