The proposed changes will see the Welsh Government increase its share of the funding through the Mutual Investment Model (MIM) from 75% to 81%. This means local authorities and further education institutions delivering the new buildings using the MIM will only pay 19% towards the annual ongoing costs of the design, construction, funding and maintenance of the new facilities.
This is the final step in a suite of changes to the funding provided by the Welsh Government in the 21st Century Schools and Education programme. When combined, these changes will allow local authorities and further education institutions to make better informed decisions about how they invest in school and college buildings in the longer term.
Minister for Education Kirsty Williams said:
“Our flagship 21st Century Schools and Education programme represents the largest investment in our schools and colleges since the 1960s.
“Changing the intervention rate will provide our delivery partners with vital support in these times of austerity and help us to attain our goal of creating sustainable learning environments across Wales, which also cater for the wider needs of our communities.”
Minister for Finance Rebecca Evans said:
“This is a real opportunity to help transform learning environments across Wales. These changes will help to release additional funding in local authorities in these times of austerity.”
Follow this news feed: Welsh Government