There is increasing confidence amongst the funding partners and the Council that the first phase of the Colchester Visual Arts Facility (VAF) project will be completed in the revised timescales and budget. Agreements, in principle, are now in place to provide the additional resources required to complete the second and final phase of the project. Despite this, some significant risks remain in relation to both ongoing cost uncertainties and the potential impact of further delays and cost reductions on the future use of the building.