Decision Maker: Babergh Cabinet
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: Yes
Update on development of UK Shared Prosperity Fund Investment Plan
To endorse the process of the development of the investment plan.
To endorse the consultation process.
To agree delegation to the Assistant Director for Economy and Regeneration in consultation with the Portfolio holders for Economic Development & Communities to agree any final changes to Investment Plan prior to submission.
It was RESOLVED: -
1.1 To note progress on the development of the draft investment plan which is attached at Appendix A.
1.2 To note the consultation process underway that will inform the final Investment Plan.
1.3 To agree delegation to the Assistant Director for Economy and Regeneration in consultation with the Portfolio holders for Economic Development & Communities to finalise the Investment Plan prior to submission to government.
REASON FOR DECISION
The receipt of Shared Prosperity Funding to implement the initiatives contained within the draft Investment Plan will provide a unique opportunity to support economic growth and community activities for our Districts.
This key funding opportunity could help to address the substantial loss of funding following the UK’s EU Exit and loss of access to European Funding for employment & skills projects.
A robust set of investment priorities in the draft plan will enable the Council to provide funding for skills, employment, culture and community projects in the local area and wider county to support the Levelling Up agenda and create opportunities for all bringing true inclusive growth to local communities.
Alternative Options Considered and Rejected:
1.2 The Cabinet could choose not to support the process being followed for developing an Investment Plan and consulting stakeholders. However, as the aspirations within the Shared Prosperity Fund programme align closely with our corporate ambitions and any change to the process now could result in significant additional work needing to be carried out in advance of a fixed Government deadline which may not be possible.
1.3 The Cabinet could choose to delay making a decision, however, the Government’s timeline for submission of our Investment Plan is fixed. As we can only draw down the funding allocated to us by submitting our Plan using the Government template by 1 August, any deviation or delays would potentially cause us to miss this deadline and jeopardise receipt of our funding.
Any Declarations of Interests Declared: None
Any Dispensation Granted: None
Publication date: 11/07/2022
Date of decision: 08/07/2022
Decided at meeting: 08/07/2022 - Babergh Cabinet
Effective from: 20/07/2022
Accompanying Documents: