Issue - meetings

7.35 pm

Report of Head of Economic Development and Estates

Summary

To advise Members as to the grant awarded to the Council under the Local Authority Business growth Incentive (LABGI) scheme, to seek guidance as to how this grant should be used, and to advise as to future proposed changes to the scheme.

Recommendations

The Executive is recommended:

(1)       That the Council place £45,000 in a reserve account to finance up to £15,000 pa for 3 years from 2009/10 to fund the continuation of the business mentoring service currently administered by Oxfordshire Business Enterprises.

(2)       That the remaining LABGI funds received this year be placed in a reserve account, to be used to finance economic development activities and projects in future years

(3)       That £5,000 be allocated to finance a contribution towards the cost of an employer skills survey being undertaken in this area by the Learning and Skill Council this year.

(4)       That authority to allocate the remaining funds referred to in paragraph (2) above to individual projects be delegated to the Portfolio Holder for Economic Development and Estates.

(5)       That the Council respond to the Government consultation on the future of the LABGI scheme, indicating its view that the method of allocating funds in future be based on increases in NNDR contributions calculated on a sub-regional basis, as defined by Government, divided more equally between County and District Councils.

Agreed

The Head of Economic Development and Estates submitted a report to advise Members as to the grant awarded to the Council under the Local Authority Business growth Incentive (LABGI) scheme, to seek guidance as to how this grant should be used, and to advise as to future proposed changes to the scheme.

Resolved

(1)       That the Council place £45,000 in a reserve account to finance up to £15,000 pa for 3 years from 2009/10 to fund the continuation of the business mentoring service currently administered by Oxfordshire Business Enterprises.

(2)       That the remaining LABGI funds received this year be placed in a reserve account, to be used to finance economic development activities and projects in future years

(3)       That £5,000 be allocated to finance a contribution towards the cost of an employer skills survey being undertaken in this area by the Learning and Skill Council this year.

(4)       That authority to allocate the remaining funds referred to in paragraph (2) above to individual projects be delegated to the Portfolio Holder for Economic Development and Estates.

(5)       That the Council respond to the Government consultation on the future of the LABGI scheme, indicating its view that the method of allocating funds in future be based on increases in NNDR contributions calculated on a sub-regional basis, as defined by Government, divided more equally between County and District Councils.

Reasons - that the LABGI funds should be ring fenced to finance economic development activity, for the benefit of the local economy which has generated the growth, and has resulted in the grant being received.