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Issue - meetings

UK Shared Prosperity Fund and Rural England Prosperity Fund update

 

 

Meeting: 11/01/2024 - Cabinet (Item 216)

216 UK Shared Prosperity Fund and Rural England Prosperity Fund update pdf icon PDF 185 KB

Purpose

To update Cabinet on the progress of the UK Shared Prosperity Fund (UKSPF) and Rural England Prosperity Fund projects, to approve the recommendations of the UKSPF Assessment Panel for 2024-25 projects and to seek delegated authority for the use of the remainder of the funding.

 

Recommendations

That Cabinet resolves to:

1.    Note the progress of UKSPF projects and the current position with REPF;

2.    Approve the recommendations of the UKSPF Assessment Panel for 2024-25 projects;

3.    Delegate authority to the Chief Executive in consultation with the Cabinet Member for the Economy and Transformation to approve the use of the remaining UKSPF funding.

Additional documents:

Minutes:

The purpose of this report was to update Cabinet on the progress of the UK Shared Prosperity Fund (UKSPF) and Rural England Prosperity Fund projects and to approve the recommendations of the UKSPF Assessment Panel for 2024-25 projects and to seek delegated authority for the use of the remainder of the funding.

 

Councillor Dale, Cabinet Member for Economy and Council Transformation, introduced the report and outlined the following points:

 

  • The funds were designed to promote the business communities in the Cotswold area which were obtained against competition from other councils.
  • It was noted that the recommendations included recognising progress to date, approving the recommendations of the UKSPF panel for 2024/25 and delegating authority to the Chief Executive in consultation with Councillor Dale to approve the use of remaining UKSPF funding.
  • The funding for the UKSPF was around £1 million over 3 years and £750,000 for the REPF which would be rolled over when it hadn’t been used.
  • There were a number of recommendations from the panel for using capital funding to promote green investments and improving rural productivity.

 

 

There was a question around how much money had been committed and how this would work. It was confirmed that all of the money received from the Government had now been committed and the projects outlined were deemed to have a positive impact on the local economy.

 

There was also a question on table 4.2 for the allocation to ‘Active Travel’ and whether an update could be given. The Economic Development Lead informed Cabinet that £100,000 had been allocated under the REPF and £60,000 from the UKSPF with 4 applications received which were being assessed for deliverability.

 

RESOLVED: That Cabinet

1. NOTED the progress of UKSPF projects and the current position with

REPF;

2. APPROVED the recommendations of the UKSPF Assessment Panel for

2024-25 projects;

3. DELEGATED AUTHORITY to the Chief Executive in consultation with the

Cabinet Member for the Economy and Transformation to approve

the use of the remaining UKSPF funding.

 

Voting Record

 

6 For, 0 Against, 0 Abstention, 2 Absent/Did not vote

 

For

Against

Abstentions

Absent/Did not vote

Joe Harris

 

 

Claire Bloomer

Juliet Layton

 

 

Lisa Spivey

Mike Evemy

 

 

 

Mike McKeown

 

 

 

Paul Hodgkinson

 

 

 

Tony Dale

 

 

 

 

 

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