2.4.1.2 Mechanism for funding green space this section explores what ways parks are generating income for their maintenance and development around the UK because of increasing pressures on the public purse, parks will need to find new ways of raising income so based on CABE’s report there are eight ways to ‘Pay for Parks’: (Published by the Commission for Architecture and the Built Environment (CABE Space), 2006.)
Traditional local authority funding; in England, the green spaces are funded from authority general revenues budget financed by local taxation and/or government transfers based on annual basis based on decision- making that the distribution of the budget is decided by politicians elected to the council.
Multi-agency public sector funding
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Weaknesses – many initiatives that encourage collaboration are one-off and short term
– there is competition for resources from other areas, for example police and health services. c- Bonds and commercial finance
Strengths
– bodies created to access commercial finance are free from the financial restrictions that local authorities usually face – can provide an initial and significant source of capital finance to fund urban green space projects.
Weaknesses
– typically used only for infrastructure projects with predictable revenue
– assets, in this case urban green spaces, need to generate enough financial return to make it economically viable
– English local authorities are not currently permitted to issue voter-approved bonds. d- Income of generating opportunities;
Strengths
– generates extra money, spreads risks and increases usage of urban green space
– if ownership of land is retained by the local authority it provides a long-term investment
– can encourage the involvement of local businesses and stimulate the local economy.
Weaknesses
– difficulties in ring-fencing income within general public