Hospital must find €67m in funding
The Cabinet is to endorse funding of the €1.07bn national children's hospital today - but €67m will have to come from philanthropic sources.
The total capital cost for the hospital, to be built on the site of St James's Hospital in Dublin, will get €1.04bn from the Exchequer. This will be made up of €916m to fund construction and another €88m for ICT.
The car park and retail facilities are not intended to be Government funded on the basis that they are commercially viable businesses.
It means that around €67m will have to be independently raised. The hospital's costs have soared from the original estimate of €650m.
This jumped to €800m in 2015. The Government is set to blame the rise in projected construction inflation over the project duration 2014 to 2021.
At the time of the cost estimate in 2014, inflation was running at 3pc per annum and it is now running at over 9pc. The extended programme timeframe, longer than anticipated planning, procurement and approvals processes and the market costs of the tenders came in higher than forecast.
The hospital will amalgamate the three existing children's hospitals of Temple St, Crumlin and the children's hospital in Tallaght. The expectation is that construction can begin within weeks as the site clearance work, which began last year, is almost complete.