Issue - meetings

Report of the Assistant Director - Growth and Economy

Purpose of report

The purpose of this report is to:

1.    Provide Executive with a comprehensive update on the UK Shared Prosperity Fund investment plan (awaiting approval and imminent arrival of the first tranche of funding) and the development of an ‘Addendum’ to unlock the Rural England Prosperity Fund.

2.    Gain support for the proposed management of the two funds up to March 2025.

Recommendations

The meeting is recommended:

1.1         To note progress made on unlocking Cherwell’s £1.255m allocation of UK Shared Prosperity Fund (UKSPF) through the submission of an investment plan on 1 August 2022.

1.2         To note the launch of the Rural England Prosperity Fund (REPF) and delegate authority to the Corporate Director - Communities, in consultation with the relevant Portfolio Holder, to endorse an investment plan ‘Addendum’ to unlock Cherwell’s £526,831 allocation.

1.3         To endorse the approach set out in paragraph 4.2, in relation to external and internal governance structures, to manage the delivery of UKSPF and REPF projects, including the delegated authority to the Corporate Director, Communities to agree change requests.

Resolved

(1)          That progress made on unlocking Cherwell’s £1.255m allocation of UK Shared Prosperity Fund (UKSPF) through the submission of an investment plan on 1 August 2022 be noted.

(2)          That the launch of the Rural England Prosperity Fund (REPF) be noted and authority be delegated to the Corporate Director - Communities, in consultation with the relevant Portfolio Holder, to endorse an investment plan ‘Addendum’ to unlock Cherwell’s £526,831 allocation.

(3)          That the approach in relation to external and internal governance structures, to manage the delivery of UKSPF and REPF projects, including the delegated authority to the Corporate Director, Communities to agree change requests.

The Assistant Director - Growth and Economy submitted a report to provide Executive with a comprehensive update on the UK Shared Prosperity Fund investment plan (awaiting approval and imminent arrival of the first tranche of funding) and the development of an ‘Addendum’ to unlock the Rural England Prosperity Fund and to gain support for the proposed management of the two funds up to March 2025.

Resolved

(1)          That progress made on unlocking Cherwell’s £1.255m allocation of UK Shared Prosperity Fund (UKSPF) through the submission of an investment plan on 1 August 2022 be noted.

(2)          That the launch of the Rural England Prosperity Fund (REPF) be noted and authority be delegated to the Corporate Director - Communities, in consultation with the relevant Portfolio Holder, to endorse an investment plan ‘Addendum’ to unlock Cherwell’s £526,831 allocation.

(3)          That the approach in relation to external and internal governance structures, to manage the delivery of UKSPF and REPF projects, including the delegated authority to the Corporate Director, Communities to agree change requests.

Reasons

This report is the first of a series which will update Executive on UKSPF and REPF progress to March 2025, and likely beyond.

To make this programme work, there remain a number of things that need to be put in place.  These include:

·         External governance structure – The UKSPF and REPF guidance requires that each Authority establishes a Local Partnership Group

·         Internal governance structure – Officers are working on a model which is simple but effective, probably based on existing corporate best practice.  This will incorporate a mechanism to authorise change requests.

Reason for first Recommendation (1.1) to note progress made on unlocking Cherwell’s £1.255m allocation of UK Shared Prosperity Fund (UKSPF) through the submission of an investment plan on 1st August 2022 is to enable Members to be aware that officers have taken the necessary action to access the UKSPF.

Reason for second recommendation (1.2) to note the launch of Rural England Prosperity Fund (REPF) and delegate authority to the Corporate Director - Communities, in consultation with the relevant Portfolio Holder, to endorse an investment plan ‘Addendum’ to unlock Cherwell’s £526,000 allocation is to ensure that the necessary delegations are in place to submit the Addendum.

Reason for third recommendation (1.3) to endorse the approach in relation to external and internal governance structures, to manage the delivery of UKSPF and REPF projects, including the delegated authority to the Corporate Director, Communities to agree change requests is to ensure that when the monies arrive, officers are able to progress the projects.

Alternative options

Option 1: Not engage with process and don’t submit an investment plan and addendum within the required timescales. This was rejected because it would have meant the LA would have forfeited c£1.8m funding for the district.