Issue - meetings

Shared Prosperity Fund

 

 

Meeting: 29/09/2022 - Cabinet (Item 242)

242 UK Shared Prosperity Fund pdf icon PDF 140 KB

Leader

To consider a summary of projects to be supported through the UK Shared Prosperity Fund.

Decision:

Resolved:

1.  That the projects identified in Shared Prosperity Fund Investment Plan summarised in paragraph 5.3 to the report be endorsed; and

2.  That the Head of Planning Policy & Economic Development be delegated to submit monitoring reports to the Department of Levelling Up, Housing and Communities (DHLUC) in consultation with the Leader; and

3.  That, if required, the New Homes Bonus Reserve be used to forward fund approved expenditure until government funding tranches are released.

Minutes:

Consideration was given to a report of the Leader which outlined the projects contained within the Council’s UK Shared Prosperity Fund (UKSPF) Investment Plan.

 

The UKSPF was launched with the aim of reducing inequalities and supporting economic development and community cohesion. The funding covers the three year period from April 2022 to March 2025, with all areas of the UK receiving a formula-based allocation.

 

A conditional financial allocation has been awarded to the Council of £1M. The funding is conditional upon the receipt of a satisfactory Investment Plan which needs to detail the local challenges and opportunities and is required to identify proposed interventions (or projects) and outcomes. The Investment Plan has been influenced and guided by the objectives of existing Council strategies and the shared aims of our partners.

 

Having considered the options and for the reasons set out in the report, Cabinet agreed to the following:

 

Resolved:

1.  That the projects identified in Shared Prosperity Fund Investment Plan summarised in paragraph 5.3 to the report be endorsed; and

2.  That the Head of Planning Policy & Economic Development be delegated to submit monitoring reports to the Department of Levelling Up, Housing and Communities (DHLUC) in consultation with the Leader; and

3.  That, if required, the New Homes Bonus Reserve be used to forward fund approved expenditure until government funding tranches are released.