Issue - meetings

This report sets out the various options which are open to the Corporate Policy and Resources Committee to address the re-profiling of the Shared Prosperity Fund monies from the government which backloads 88% of the £1m fund to 2024 -25.

It was resolved that option 1 contained within the officer’s report – to use the Business Rates Retention pot to ‘forward fund’ all of the projects in the Shared Prosperity Fund (SPF) Investment Plan in advance of the government funds (which were not due to be received until 2024/25) – be agreed.

This report followed upon the one considered by the Corporate Policy and Resources Committee on 11 July 2022.

The government had since announced that grant funding for the Shared Prosperity Fund was to be delayed.  This would impact on the investment plan, which was to provide funding to several projects aimed at boosting the borough’s economic recovery and growth.  It was therefore suggested that the projects in the investment plan could be funded via the business rates retention pot, with a view to replenishing the pot when the government’s shared prosperity fund grants were received.

There was discussion about the risk associated with using the business rates retention pot’s funds without a solid commitment from the government on the shared prosperity fund grants.  It was however reported that there was no reason to believe that shared prosperity grant funding would not be provided to local authorities.

The Committee requested a breakdown on the Youth Hub’s operating costs.

It was resolved that option 1 contained within the officer’s report – to use the Business Rates Retention pot to ‘forward fund’ all of the projects in the Shared Prosperity Fund (SPF) Investment Plan in advance of the government funds (which were not due to be received until 2024/25) – be agreed.